Hyundai halts exports due to strike
"The stoppage has so far cost the company some one billion dollars in lost production," spokesman Jake Jang said.india Updated: Jul 30, 2006 15:08 IST
South Korea's largest automaker Hyundai Motor said that it had stopped exporting cars due to lost production of around one billion dollars caused by an ongoing labour strike.
Hyundai Motor suspended shipments of 81,000 cars in all to North America, Europe, Asia and the Middle East, the equivalent of about 20 days of exports, the company said.
Hyundai Motor's 40,000 workers have been on a partial strike since June 26, demanding a 9.1 per cent rise in pay and better working conditions.
"The stoppage has so far cost the company some one billion dollars in lost production," spokesman Jake Jang said.
"We have some stores of cars at overseas outlets and there won't be any immediate delay in delivery but if this strike goes on, overseas customers may have to wait longer for their cars," he said.