Report: Hyundai, union reach tentative labor deal

Filed under: Hirings/Firings/Layoffs, Plants/Manufacturing, Hyundai, Kia, South Korea

South Korea Hyundai Strike

According to Reuters, South Korea’s labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won – around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it’s a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We’d wager that this is why US inventories haven’t been hit quite so hard aside from the battering already taking place. The proposal will now go before the union’s rank and file.

If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months’ salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).

Based on Reuters‘ report, the work stoppages must have taken a real toll on Hyundai – its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.

Hyundai, union reach tentative labor deal originally appeared on Autoblog on Thu, 05 Sep 2013 18:00:00 EST. Please see our terms for use of feeds.

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Report: Hyundai, union reach tentative labor deal

Filed under: Hirings/Firings/Layoffs, Plants/Manufacturing, Hyundai, Kia, South Korea

South Korea Hyundai Strike

According to Reuters, South Korea’s labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won – around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it’s a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We’d wager that this is why US inventories haven’t been hit quite so hard aside from the battering already taking place. The proposal will now go before the union’s rank and file.

If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months’ salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).

Based on Reuters‘ report, the work stoppages must have taken a real toll on Hyundai – its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.

Hyundai, union reach tentative labor deal originally appeared on Autoblog on Thu, 05 Sep 2013 18:00:00 EST. Please see our terms for use of feeds.

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Report: Hennessey unveils C7 Corvette Stingray upgrades that reach 1,000 HP

Filed under: Aftermarket, Coupe, Performance, Chevrolet, Specialty, Racing


The all-new 2014 Chevrolet Corvette C7 Stingray hasn’t even arrived in showrooms, but that minor speed bump hasn’t slowed Hennessey Performance (HPE) from introducing a full suite of packaged (and à la carte) upgrades to the highly anticipated American sports car that will undoubtedly trump even the factory’s future high-performance Z06 and ZR1 models.

In base form, the C7’s new 6.2-liter V8 will be rated at 455 horsepower. While that’s a strong start, Hennessey’s first two packages bolt on a TVS2300 supercharger system and other miscellaneous upgrades to find upwards of 150 additional horses (both come with a 3 Year/36,000-mile warranty). The more aggressive packages start with an HPE custom balanced and forged engine that is accompanied by two ball-bearing turbochargers, forged pistons and plenty of other go-fast hardware to deliver up to 1,000 horsepower (both come with a 1 Year/12,000-mile warranty).

The company has announced four different upgrade programs (prices include professional installation):

  • HPE600 Supercharged ($12,495) 600 hp @ 6,300 rpm
  • HPE700 Supercharged ($18,450) 700 hp @ 6,300 rpm
  • HPE800 Twin-Turbo ($54,950) 800 hp @ 6,300 rpm
  • HPE1000 Twin-Turbo ($67,950) 1,100 hp @ 6,300 rpm

John Hennessey told Autoblog that his company has been planning the C7 upgrades “for over a year” and that his team is “confident that we will be able to adapt the same types of upgrades that we have been doing for the C6 models over the past several years.” While he was unable to offer any performance estimates, Hennessey reminded us that his HPE700 upgrade on the C6 Grand Sport ran 0-60 in 3.3 sec. and 10.7 sec. @ 128 mph. “I would expect similar performance on the C7 or possibly a bit quicker,” he said. “We prefer to be cautious on performance estimates and promises until we know for a fact what the numbers are.” Hennessey Performance plans to have the first cars in customer’s hands by the end of the year.

Hennessey unveils C7 Corvette Stingray upgrades that reach 1,000 HP originally appeared on Autoblog on Mon, 15 Jul 2013 16:29:00 EST. Please see our terms for use of feeds.

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Parking fines on single London street reportedly reach over $1.5M

Filed under: Etc., Government/Legal, UK

London Parking Ticket

We can officially quit our whining over our latest parking ticket. Across The Pond, London authorities have begun putting local drivers’ feet to the fire and are raking in record fines as a result. One street even managed to pull down nearly £1 million ($1.6 million at current conversion rates) last year. That’s especially shocking considering that the now infamous Clapham Park Road in the borough of Lambeth is less than half a mile long. According to reports, authorities issued an astonishing 16,800 tickets on that street alone, or about 46 citations per day.

The total amount collected from fines on that particular street tallied over £300,000 ($480,000) higher than the road with the next highest level of parking fine revenue.

Some locals believe that the government is using parking fines to make up gaps in their budget as an illegal revenue generator. Multiple complaints to that tune have already been levied from Barnet to Westminster.

[Source: PistonHeads | Image: Oli Scariff/Getty Images]

Parking fines on single London street reportedly reach over $1.5M originally appeared on Autoblog on Thu, 17 Feb 2011 16:31:00 EST. Please see our terms for use of feeds.

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Mitsubishi, UAW reach Illinois plant pact – but what will they build there?

Filed under: Plants/Manufacturing, Mitsubishi, UAW/Unions

Mitsubishi emblem

The good ol’ Diamond Star Motors plant in Normal, Illinois – where such well-regarded vehicles as the original Mitsubishi Eclipse, Eagle Talon and Plymouth Laser were built, among others – is apparently getting a new lease on life now that Mitsubishi, the United Auto Workers and laborers at the plant have all approved of a new contract.

At this point, it’s unclear what Mitsubishi plans to build in its only North American plant, and the present output of Eclipse, Endeavor and Galant are likely not long for this world. Would it be too much to ask for an Eclipse that hearkens back to the good old days of turbocharged engines and all-wheel drive? Probably, but we’ll settle for a new nameplate or two that escapes the automaker’s current mire of drab, dated and slow-selling sedans and coupes.

In any case, we’re told to expect a detailed product plan from Mitsubishi that will lay out the steps it will take to become relevant in the United States once again. And, incidentally, the Japanese automaker apparently has no intentions whatsoever of leaving the U.S. market… which means whatever it’s cooking up at the moment had better be rather impressive.

[Source: Automotive News – sub. req.]

Mitsubishi, UAW reach Illinois plant pact – but what will they build there? originally appeared on Autoblog on Mon, 20 Dec 2010 16:28:00 EST. Please see our terms for use of feeds.

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