Not everyone is pleased about Hyundai Motor Co. going “Gangnam Style.” The South Korean automaker faces more labor unrest following the group’s decision to spend $10 billion for a plot of land in Seoul’s most fashionable Gangnam district.
The unions staged a partial strike at Hyundai Motor factories last week and announced plans to continue to walkouts again this week to show their displeasure with the recent decision to spend money on a record-breaking bid for what is described as an expensive trophy property while demanding wage restraint from the workers in its automotive factories.
The Hyundai-led group – which includes sister firms Kia Motors Co and Hyundai Mobis Co – made the record bid for the land earlier this month. Hyundai’s bid for the property was more than triple the property’s appraised amount as it outbid Samsung, the South Korean electronics giant. (more…)