AP News

News Summary: Hyundai strikes deal with union

NIGHT AND PAY: Hyundai Motor Co. and its labor union reached a tentative agreement to eliminate night shifts and increase wages, moving one step closer to end the company's first strike in four years.

CEASE HOSTILITIES: The preliminary agreement means that workers will halt limited strikes they have been staging since July, which have resulted in 1.59 trillion won ($1.4 billion) of lost output for South Korea's largest carmaker, the company said.

BAD NEWS-GOOD NEWS: The strike is expected to make a dent on Hyundai's bottom line for the current quarter. However, the company will likely meet its sales target this year because it exceeded its production target in the first six months of the year, which could make up for the lost output.

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