Hyundai, Union Have Potential Deal
Agreement would avert a strike in Korean automaker’s manufacturing center.
The Hyundai union contract agreement, if approved, wouldn't include a retirement age increase the union has asked for.
As the U.S. auto industry waits to see whether the United Auto Workers will strike in Detroit, Hyundai and its labor union have tentatively agreed to a deal to avert a strike across the Pacific.
The auto industry has been watching the contract negotiations with interest due to the concern that strikes could kill the revived inventories that have fueled robust sales this year after pandemic-caused supply constraints tempered demand.
The Hyundai union contract agreement, if approved, would include a worker pay increase and a bonus but would not raise the retirement age as the union has asked, news reports indicate.
The pay increase would be the equivalent of $83.60 per month, or about 5% annually. The union had asked for an increase in the retirement age from 60 to 64, but Hyundai has declined to make that change, according to news reports.
Meanwhile in Detroit, the United Auto Workers continue talks with the “Big Three” automakers as the union’s contract expiration nears on Thursday.
LEARN MORE: Report Warns UAW Strike Could Bring Economic Strife
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →