Less than a month after labor unions in Korea voted to strike over stalled wage negotiations at Hyundai, the automaker reached an agreement with Korean autoworkers that could resume production in a matter of days. The Detroit News reports the strike, which began Aug. 20, has cost Hyundai more than 50,000 cars and some $910 million at current exchange rates in lost production.
Hyundai's Kia affiliate remains in negotiations. Resumed Korean production for both brands would raise supply for more than 40% of Hyundai-Kia's U.S. sales, including cars like the Hyundai Accent, Tucson and Genesis. Automotive News reports Hyundai-Kia's U.S. inventory declined to a 41-day supply on Aug. 1, down from July's 46-day stock. Both figures are well below the industry average, which was 56 days on Aug. 1. Automotive News has yet to report Hyundai-Kia's September inventory.
The Detroit News says Hyundai's 46,000 union members will vote Sept. 9 on the agreement, in which Hyundai agreed to raise base salaries and pay onetime bonuses. Hyundai-Kia's U.S. facilities in Alabama and Georgia haven't been affected. Should the vote pass, the strike would be shorter than Hyundai-Kia's 2012 strike overseas, which lasted from July to September 2012.