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Hyundai Motor union calls walkout in 12 years

Hyundai Motor union calls walkout in 12 yearsHyundai Motor's South Korean earnings are at stake due to the labor union first full national walkout in 12 years on Monday, Reuters.

Automaker's Labour Union staged the full-day strike over stalling salaries discussions.

The national walkout invoked after a series of partial stoppages since July at the automaker's factories across South Korea.

It is reported to be the biggest manufacturing centre that produces nearly 40 percent of its vehicles sold globally last year.

The production loss amounted to 114,000 vehicles worth 2.5 trillion won ($2.26 billion) as of Monday due to disruption.

It is the biggest strike-related output loss for the automaker in terms of value of vehicles.

According to the union spokesman Jang Chang-yeal, the union plans to stage a partial strike for the remainder of this week and stoppages could continue into next week depending on the company's response,

Samsung Securities auto analyst Eim Eun-young said: "This year's strike is lasting longer than expected. The third-quarter earnings should disappoint."

South Korean Trade Minister Joo Hyung-hwan pushed Hyundai Motor's union to resolve the dispute, saying the strike would "throw cold water on the exports recovery".
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