Hyundai Motor Co gets reprieve following a tentative wage deal with labor union

The development will allow Hyundai Motor to get back on its feet after a sales slump in 2017.

On Tuesday, Hyundai Motor Co’s labor union disclosed that its members have agreed to a tentative deal in wages with its management.

With members of its labor union rejecting a tentative deal in late December, the terms of wages for its labor were renegotiated.

The new agreement will allow Hyundai to focus on improving its sales following a slump in 2017 when China used indirect unofficial pressures to push down its sales when Seoul allowed U.S. anti-missiles defense system to be deployed in the country over nuclear missiles threats from North Korea.

Hyundai Motor Co stated that 61.1% of voters had approved the deal whereas 38.4% rejected it. The balance votes were invalid.

Hyundai did not have an immediate comment.

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