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Hyundai, union reach tentative labor deal
Thu, 05 Sep 2013According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won - around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager that this is why US inventories haven't been hit quite so hard aside from the battering already taking place. The proposal will now go before the union's rank and file.
If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months' salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).
Based on Reuters' report, the work stoppages must have taken a real toll on Hyundai - its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.
LeBron James to rep Kia K900
Fri, 17 Oct 2014
"I was a Kia K900 driver and fan before we decided to become partners, so I'm really excited to be Kia's first-ever luxury ambassador." - LeBron James
LeBron James is taking his talents to Kia.
2015 Kia Sorento shows its new face in fashion-forward Paris
Fri, 03 Oct 2014It seems like we've been catching glimpses of the 2015 Sorento for ages now, but Kia has finally revealed the European version of its revised crossover at the 2014 Paris Motor Show.
For the latest Sorento, Kia a few of the elements from the Cross GT concept and adapts them for the road. The production model has the brand's familiar mesh grille up front and headlights that wrap around the body with large foglights below. It features a modified version of the concept's swept-back stance that thankfully removes the awkwardness from the original design. Kia says that shaping the latest crossover was truly a global effort with input coming from Korea, Germany and the US.
For Europe, powertrains amount to a trio of four-cylinder engines with a 2.4-liter gasoline unit with 185 horsepower, a 2.0-liter diesel with 182 hp and 2.2-liter diesel with 197 hp. They're all available with a six-speed automatic, and a six-speed manual is offered on the petrol mill and 2.2-liter oil-burner.