SEOUL --Hyundai Motor's decision to build a new electric vehicle factory in South Korea as part of a tentative deal with its strike-threatening labor union was welcomed by investors, analysts and local media on Wednesday, as the automaker aims to lead the global EV market.
The South Korean company and its union brought weeks of uncertainty to an end by announcing late Tuesday an agreement had been reached to avoid the potential walkout by autoworkers. In addition to the plan to build the new factory, the company agreed to increase monthly basic wages by 4.3%, or 98,000 won ($75) and to lift bonuses. But it rejected a union demand to extend the retirement age beyond 60.
