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SEOUL (Reuters) – Hyundai Motor’s South Korean labor union staged its first full nationwide strike in 12 years on Monday over stalled wage talks, putting the automaker’s earnings and sales targets at risk.
The full-day walkout came after a series of partial stoppages since July at the automaker’s factories across South Korea, its biggest manufacturing base which produces nearly 40 percent of its vehicles sold globally last year.
The disruption, led by union boss Park You-ki, has led to lost production of 114,000 vehicles worth 2.5 trillion won ($2.26 billion) as of Monday, the biggest strike-related output loss for the automaker in terms of value of vehicles.
The union plans to stage a partial strike for the remainder of this week and stoppages could continue into next week depending on the company’s response, union spokesman Jang Chang-yeal said.