According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won – around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager
Following a tumultuous four months, it appears Hyundai and its labor union have buried the hatchet. According to a report by the Associated Press, the Korean automaker and its labor union have struck an accord that will end the company's first strike in four years.
Hyundai and Kia are having a great 2011 so far, with sales numbers reaching new heights seemingly every month. The summer sun might disappear, however, as storm clouds appear to be looming on the South Korean horizon. According to Reuters, Hyundai's home market management is working with the worker's union to negotiate a new wage deal. Talks are reportedly not going very well, and the union has walked away from the table ahead of a final round of discussion before everyone breaks for a holiday.
Volkswagen is looking to lengthen their employee's work week, without any additional financial compensation, a cost-cutting move to designed to help stabilize the company's bottom line.