The Hyundai Motor’s labor union has voted to approve a revised wage and working-conditions deal, ending strike that had hurt sales at South Korea’s biggest car maker. The strike at Hyundai Motor is said to be the costliest one in the company’s history.The agreement between Hyundai and labor union comes after endless rounds of negotiations.
The rise to prominence in the automotive industries for Hyundai KIA Automotive Group (HKAG) was capped by the acquisition of Kia Motors in 1998. From the near collapse of Hyundai Motors in 2000 to the current successes, the company has sharpened its focus on progressive development of markets. Currently, Hyundai Owns 49% of KIA Motors, in an intricate private ownership arrangement, through which financing for expansion and operations is done.
South Korean automaker giants, Hyundai Motor Co. and its affiliate Kia Motors Corp. have set a target of increasing their global sales by 6.1 percent this year. The South Korean automakers have plans to improve quality and invest in research and development for reaching the set target.