Category: Newswire

Hyundai Motor agrees wage deal, avoids strike for first time in 8 years

Hyundai Motor Co and its South Korean workers’ union have reached a tentative wage deal and averted strike action for the first time in eight years, sending the automaker’s shares up by more than 4%.Under the latest wage agreement, each unionised worker will receive a one-off payment of up to 9 million won ($7,414), an additional payment equivalent to one and a half months’ salary, 15 Hyundai Motor shares, and a basic salary increase of 1.74%.The wage agreement will help Hyundai avert production losses as it tries to regain ground in the U.S. market with its new Palisade SUV, shipped from South Korea. More sourcesHyundai Motor agrees wage deal, avoids strike for first time in 8 years (The Business Times: Aug 28, 2019 at 12:00 AM)

KIA has set new benchmarks for safety and quality: MD

KIA Motors India has set new benchmarks for safety and production quality in the automobile manufacturing sector at its greenfield car manufacturing unit at Erramanchi village in Anantapur district.The manufacturing facility, built just within a little over a year right from scratch, has a capacity to manufacture 3 lakh cars a year, but currently is manufacturing 280 units of Seltos against a capacity of 400 for this model.Depending on the demand for the car that was pre-booked by more than 32,000 people all over India, the automotive production line — worldwide 15th facility of KIA Motors — will enhance its capacity.

Carlos Ghosn faces new allegation he used Nissan funds to bankroll tech investment fund

Former Nissan boss Carlos Ghosn used money from the Japanese car company to bankroll a technology start-up investment business.The allegations state that the funds were used to start an investment business with Nissan distributor Suhail Bahwan Automobiles in Oman.Once the money had been paid to the Oman business, $5m of it was sent back to Mr Ghosn through Lebanon-based company Good Faith Investments,…