September 3, 2012 - 15:09 AMT
PanARMENIAN.Net - Hyundai Motor Co's total sales fell for the first time in more than three years in August, hurt by a slew of partial strikes at South Korean factories that hit domestic sales hard, according to Reuters.
Workers staged the partial strikes in July and August, their first walkout in four years and the South Korean automaker's second-costliest strike, as annual wage talks stalled over pay, a new shift scheme and other factors.
Hyundai and its union leaders last week reached a tentative wage deal, which if approved in a Monday, Sept 3 vote will allow the carmaker to avert further walkouts.
Results of the vote are expected after midnight, a union spokesman said.
Hyundai, the world's fifth largest carmaker along with affiliate Kia Motors, said it sold 293,924 vehicles globally last month, down 4.6 percent from a year earlier, the first fall since May 2009 in the wake of the global financial crisis.
Hyundai's domestic shipments slid 30 percent, while its overseas sales inched up 0.4 percent.
Prior to the results, shares in Hyundai ended up 0.42 percent, in line with the wider market's 0.4 percent gain.
The latest walkouts stopped Hyundai making 76,723 cars worth 1.59 trillion Korean won ($1.40 billion).
The firm will try to make up the losses with extra work later this year and it sales target should be met on an annual basis, analysts and company officials have said.