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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Kia Motors Corporation    A000270   KR7000270009

KIA MOTORS CORPORATION

(A000270)
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Kia Motors workers in South Korea to stage partial strike over wages, EV plans

11/19/2020 | 03:33am EST
FILE PHOTO: Visitors walk past the logo of Kia Motors at its pavilion at the India Auto Expo 2020 in Greater Noida

SEOUL (Reuters) - Unionised workers at Kia Motors Corp in South Korea will launch a partial strike on Nov. 24 over wages and worries about job security as the automaker pursues plans to produce electric vehicles (EV), Kia's union said on Thursday.

The union at South Korea's No.2 automaker has decided to suspend work for a part of the day over Nov. 24-27, an union official said, adding Kia's plan to introduce EV production is one of the thorny issues in the annual wage deal negotiations.

Kia has laid out plans to produce an EV model comparable to its K7 sedan at one of the factories in its Hwaseong plant in South Korea starting July next year, the union official said.

"Building electric cars requires about 30% less labour than building internal combustion cars, because they require fewer parts, resulting in job losses," a union member at Kia said.

"If the shift to electric cars is inevitable, we are asking the management to ensure longer-term job security by having EV module production lines at our factories," the member added.

Kia said in September that it plans to have eleven EVs by 2025 and have 25% of its global sales in EVs by 2029.

Automakers around the world are expanding their electric car production to comply with tougher air-pollution rules that require them to reduce carbon emissions or face stiff fines.

The union at Kia has also asked for a raise in wages and a performance pay, but these have not been accepted by the company, the union official said.

Kia wants to freeze wages but has proposed a bonus and other benefits if the union does not strike, a company official said on condition of anonymity as negotiations are ongoing.

The labour action at Kia comes even as the union at affiliate Hyundai Motor avoided a strike amid the coronavirus pandemic.

(Reporting by Heekyong Yang and Joyce Lee; Editing by Himani Sarkar)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -2.27% 17250 End-of-day quote.8.15%
HYUNDAI MOTOR COMPANY -4.19% 240000 End-of-day quote.25.00%
KIA MOTORS CORPORATION -3.66% 71100 End-of-day quote.13.94%
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Financials
Sales 2020 59 274 B 53,9 B 53,9 B
Net income 2020 1 457 B 1,32 B 1,32 B
Net cash 2020 2 157 B 1,96 B 1,96 B
P/E ratio 2020 19,5x
Yield 2020 1,51%
Capitalization 28 506 B 25 986 M 25 912 M
EV / Sales 2020 481x
EV / Sales 2021 431x
Nbr of Employees -
Free-Float 60,4%
Chart KIA MOTORS CORPORATION
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Kia Motors Corporation Technical Analysis Chart | A000270 | KR7000270009 | MarketScreener
Technical analysis trends KIA MOTORS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Average target price 73 785,71 KRW
Last Close Price 71 100,00 KRW
Spread / Highest target 56,1%
Spread / Average Target 3,78%
Spread / Lowest Target -46,6%
EPS Revisions
Managers and Directors
NameTitle
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, Senior Managing Director & Head-Finance
Eui-Sun Chung Senior Vice Chairman
Sang-Koo Nam Independent Director
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