Automotive News reports Hyundai is facing a strike in Korea. Workers lead by Moon Yong, the head of the company's labor union, are threatening to take action unless they receive better pay and reduced work hours. Earlier this week, 70-percent of the 45,000-member union voted to give leaders the power to enact walkouts. Hyundai is already well aware of the damage that strikes can do – the company reportedly estimates labor disruptions between 1987 and 2008 cost it sales of around one millio
The Detroit News is reporting that Hyundai has reached a tentative agreement with its labor union to end a strike that's lasted the better part of a month. The agreement calls for a 5.1-percent pay increase, which is well below the 9.1-percent increase workers went on strike to secure. The agreement still has to be voted on by the union membership on Friday before it becomes binding.
As Volkswagen's supervisory board heads into a key meeting Wednesday, the future of CEO Bernd Pischetsrieder and his aggressive ForMotion restructuring plan is increasingly in doubt.