GM Korea’s 2024 sales likely stunted due to protracted labor strike

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GM Korea’s 2024 sales likely stunted due to protracted labor strike - Korea Economic Daily

Quick Summary:

According to the Korea Automobile & Mobility Association (KAMA), the Trax Crossover, produced at GM Korea’s Changwon plant, topped the list of Korea’s vehicle exports last year with 216,833 units, overtaking perennial export leader Hyundai Motor Co.’s Kona SUV, which posted exports of 212,489 units.

Industry watchers said GM Korea’s 273 auto parts suppliers could also suffer if the labor action is protracted.“We are worried that the GM Korea strike will lead to job losses as some suppliers are already suffering from a liquidity problem,” said Moon Seung, the CEO of Dasung Co.and chief of GM Korea parts suppliers association.

According to data obtained by The Korea Economic Daily, unionized workers at GM Korea have stopped overtime work since July 1 and began a partial strike on July 8, leading to 11,130 units in production loss during the first 14 days of this month.