Hyundai Motor stated its labor union accepted a tentative wage deal on Tuesday.
A deal would resolve remaining disputes between Hyundai Motor’s management and labor union over wage boosts for next year and other issues, clearing the way for the automaker to focus on reclaiming lost market share after a diplomatic row with Beijing hit Korean-made items.
Hyundai Motor stated that it had agreed to terms such as base salaries in addition to hiring 3,500 employees as subcontractors for the company in between 2018 and 2021.
The union and the company also agreed to “cooperate to enhance product quality, recover customer trust and produce automobiles at the right time,” Hyundai stated.
Apart from a sales fall in China because of a diplomatic spat in between Beijing and Seoul over South Korea’s deployment of a U.S. anti-missile defense system, Hyundai Motor and its affiliate Kia Motors are on their way to miss their yearly vehicle sales target this year, having failed to place for a customer swing to sport utility vehicles (SUVs).
