Partial strikes at Hyundai Motor’s causes losses worth billions as sales fall
The sales of Hyundai Motor Co fell for the first time in over three years in August owing to partial strikes at South Korean factories that hit the domestic sales hard. Workers in their first walkout in four years came as the second costliest strike for the South Korean automaker. Hyundai and its union leaders last week reached a tentative wage deal over wages, which if approved in a Monday vote will allow the carmaker to avert further walkouts. A union spokesman revealed that the results of the vote are expected after midnight.
Hyundai, the world's fifth largest carmaker along with affiliate Kia Motors, said it sold 293,924 vehicles globally last month, down 4.6 percent from a year earlier, the first fall since May 2009 in the wake of the global financial crisis. Hyundai's domestic shipments slid 30 percent, while its overseas sales inched up 0.4 percent. Prior to the results, shares in Hyundai ended up 0.42 percent, in line with the wider market's 0.4 percent gain. The latest walkouts stopped Hyundai making 76,723 cars worth 1.59 trillion Korean won ($1.40 billion).
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