Hyundai Motor Co announced that it had struck a preliminary deal with its union in South Korea to bring an end to the strike that had crippled production of the carmaker. Union workers had gone on partial walkouts beginning August 20. They also started refusing extra work on weekends since March. They demanded higher pay for those weekend shifts.

The terms of the preliminary agreement stipulated that Hyundai would increase the average base pay by 5.1%. The company would also pay a one-time bonus to the workers. The bonus would be equal to a worker's wages for three and a half months plus KRW 5 million. The union's 46,000-strong members would have to approve the agreement. Voting for the deal was scheduled on September 9.

Hyundai said the strike had cost the company about KRW 1 trillion in lost production. The partial walkouts that began in August 20 made the carmaker lose production of about 50,000 vehicles. The union workers' refusal to work weekends in March had cost Hyundai KRW 1.7 trillion in lost production.