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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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End-of-day quote Korea Stock Exchange  -  2022-08-07
196000.00 KRW   +0.77%
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Hyundai Motor's South Korea trade union aims to resume annual wage talks

07/05/2022 | 12:38am EDT
FILE PHOTO: 2022 World Car Awards at the New York International Auto Show, in New York City

SEOUL (Reuters) - The union that represents Hyundai Motor Co's South Korean workers said on Tuesday it plans to resume a week of wage talks with management on Wednesday, staving off any immediate prospect of a walkout in a protracted industrial dispute.

The talks between the union and the automaker's management are expected to continue until July 13, according to the union. A deal would allow Hyundai Motor, bracing for a possible economic downturn and grappling with a prolonged global chip shortage, to avoid what would have been its first domestic strike in four years.

The union last week voted for a possible strike over demands for higher wages amid a surge in the cost of living and anger at what it said was management prioritising overseas investment.

Ahead of the talks, the union, one of the biggest in the country with more than 46,000 members, said it plans to reject proposed overtime shifts at all Hyundai Motor factories in the country this coming Saturday.

Hyundai Motor's Co-chief executive officer Lee Dong Seock on Monday urged smooth negotiations to cope with the risks the company faces, such as COVID-19, chip shortage and geopolitical issues.

"With stagflation and prolonged war in Ukraine, we are expecting a worse economic downturn than what we saw during the 2008 financial crisis," Lee said in a statement. He said the automaker lost about 90,000 vehicles from scheduled production in the first half of this year due to the chip shortage and a nationwide strike among truckers.

The union is seeking a minimum basic monthly pay increase of 165,200 won ($127) and a performance bonus equivalent to 30% of Hyundai's 2022 net profit, as soaring inflation cuts into workers' wages.

It is also demanding Hyundai invest in the country to support new businesses and technology, including air taxi service, purpose-built vehicles and electric vehicle-related auto parts manufacturing.

Shares of Hyundai Motor were trading down 1.1% as of 0329 GMT, versus benchmark KOSPI's 1.1 rise.

(Reporting by Heekyong Yang; Editing by Kenneth Maxwell)

By Heekyong Yang


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION 1.19% 16950 End-of-day quote.0.89%
HYUNDAI MOTOR COMPANY 0.77% 196000 End-of-day quote.-6.22%
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Financials
Sales 2022 133 278 B 103 B 103 B
Net income 2022 8 181 B 6,30 B 6,30 B
Net Debt 2022 81 624 B 62,8 B 62,8 B
P/E ratio 2022 6,19x
Yield 2022 2,61%
Capitalization 40 995 B 31 546 M 31 546 M
EV / Sales 2022 0,92x
EV / Sales 2023 0,88x
Nbr of Employees 70 388
Free-Float 69,7%
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Mean consensus BUY
Number of Analysts 27
Last Close Price 196 000,00 KRW
Average target price 258 888,89 KRW
Spread / Average Target 32,1%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Executive Vice President
Albert Biermann Co-President & Director
José Antonio Muñoz Barcelo Co-President & Global Chief Operating Officer
Eon-Tae Ha Co-President & Director
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