Hyundai Motor Co. and its labor union tentatively agreed Wednesday to end a monthlong strike that had driven South Korea's largest automaker to suspend exports, a company spokesman said.
The two sides reached the agreement, which calls for a 5.1 percent pay increase, in negotiations held in the southeastern industrial city of Ulsan where Hyundai has a major factory, spokesman William Park said.
“It's a provisional agreement,” Park said, meaning that it must be approved by the union membership in a vote scheduled for Friday.
The strike began June 26 and has caused production losses of 91,647 vehicles totaling $1.33 billion, according to company figures.
Hyundai's labor union has gone on strike every year but one since it was formed in 1987.
