Hyundai Motor, GM Korea face union tensions amid US tariff risks

Hyundai Motor and General Motors (GM) Korea are grappling with escalating demands from labor unions for substantial wage increases, compounding challenges posed by auto tariffs from the United States. Unions at both automakers are pressing for significant portions of company profits to be distributed as bonuses, despite mounting business uncertainties stemming from U.S. President Donald Trump's push for a 25 percent tariff on automobile imports. Hyundai Motor’s labor union is demanding that 30 percent of the company’s 2024 net profit be paid as a special bonus to union members — an estimated 4 trillion won ($2.9 billion). However, the likelihood of the automaker accepting the demand appears slim, as the company faces growing external risks from potential tariffs. The U.S. accounted for 54 percent of Hyundai’s total exports last year. GM Korea is facing similar tensions from its labor union. The union is calling for 15 percent of the company’s net profit to be paid as incentives, on top of an additional bonus equivalent to 500 percent of monthly wages. The company, which exportsWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times