SEOUL (Reuters) -- Hyundai Motor reached a tentative wage pact with its South Korean labor union, a union official said on Tuesday, potentially avoiding a strike and production losses at its biggest manufacturing base.
The tentative agreement came shortly after the South Korean automaker announced a plan to build a dedicated electric vehicle (EV) factory in South Korea.
Hyundai Motor's unionized workers in South Korea voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritizing overseas investment.
The deal is subject to a vote by about 46,000 union members on July 19, according to the union.
