Hyundai Motor, GM Korea strikes threaten to disrupt Korea’s auto exports

Korea’s major carmakers face an increasing risk of production disruptions and subsequent export shocks in the wake of partial strikes at Hyundai Motor and General Motors (GM) Korea. Hyundai Motor's union launched a four-day partial strike starting Wednesday, after wage negotiations broke down, marking the first large-scale walkout since 2018. It is expected to cause major financial damage to the carmaker. In 2016, the company was estimated to have suffered losses of approximately 2.5 trillion won ($1.8 billion) in the wake of a large-scale strike. Its union workers suspended production for 166 hours, resulting in the carmaker unable to produce some 114,000 vehicles. GM Korea’s union began a three-day partial strike Monday, stopping work for four hours each day. GM Korea’s production suspension also comes as a major risk for the export-reliant Korean economy, as more than 80 percent of vehicles produced at its factories here are exported to the United States. GM Korea, along with Hyundai Motor, serves as a major pillar supporting Korean auto exports to the world’s largest economy.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times