Market Chatter: Hyundai Motor Faces KRW2.3 Trillion Hit as Full-Day Strike Halts Domestic Output

MT Newswires Live11:47

Hyundai Motor's (KRX: 005380) full-day labor strike on Friday is estimated to cause 2.3 trillion won in lost sales by halting production at its Ulsan, Jeonju, and Asan plants for 16 hours, Yonhap News reported the same day.

About 39,000 union members are walking out after failing to reach a wage agreement with management. The union has staged 60 hours of strikes since May and plans additional four-hour stoppages on Monday and Tuesday, the report said.

The ongoing strikes are expected to result in an estimated cumulative production loss of 55,200 vehicles, the report said.

Hyundai Motor did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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