Hyundai Management, Union Start Two-Day Meeting

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Aug. 25 (Bloomberg) –- Bloomberg Intelligence’s Steve Man discusses Hyundai Management and the Union meeting to discuss industrial action over pay demands. He speak to Rishaad Salamat on “On The Move.” (Source: Bloomberg)

Loss production and growing losses, and the strikes.

We have got steve from bloomberg intelligence.

Steve, tell us about this.

22 strikes, six years.

Yes, it has been like that for a long time.

This time around, it is like the other years.

They talk about wages.

This is about having a bonus included in your salary, isn't it?

It will impact their competitiveness.

If you look at gm korea, it is already talking about pulling out of korea, because producing a car in korea is almost two times the rest of asia, and even hyundai is looking to shift.

Today, 30%. the global production in korea.

Five years ago, it was around 50%. steve, we are also now beginning to get the bill, aren't we?

The hyundai management is starting to count the cost of this.

What sort of figures?

Happening on a weekend, it will have a minimal impact.

I think the company has prepared for that.

He talked to suppliers and also had some inventory in preparation for this.

Beyond that, if they do not come to an agreement, it is hard to say.

If you look at last year's strike, the production losses were around $1 billion.

As you say, 39% of global output is out of south korea.

And across the world, and if they have more industrial action, such as this, it is going to be disincentive to actually manufacture at all in south korea.

Absolutely.

Just recently, the company has announced that they will build another plant in china, and i

This text has been automatically generated. It may not be 100% accurate.

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