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Author Topic: Empty shipyard and suicides as 'Hyundai Town' grapples with grim future  (Read 608 times)

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Offline endicom

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Empty shipyard and suicides as 'Hyundai Town' grapples with grim future
« on: August 13, 2018, 01:54:16 am »
4-traders
Hyunjoo Jin and Heekyong Yang
Aug. 12, 2018

ULSAN, South Korea (Reuters) - When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.
But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.

To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier. His 20-year-old daughter, who entered a Hyundai Heavy-affiliated university hoping to land a job in Ulsan, is now looking for work elsewhere.

The Lee family's fortunes mirror the decline of Ulsan, which is now reeling from Chinese competition, rising labor costs and its over-reliance on Hyundai - one of the giant, family-run conglomerates or chaebol that dominate South Korea.

More... https://www.marketscreener.com/KIA-MOTORS-CORPORATION-6492386/news/Empty-shipyard-and-suicides-as-Hyundai-Town-grapples-with-grim-future-27101464/?countview=0
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Offline Wingnut

  • That is the problem with everything. They try and make it better without realizing the old is fine.
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Re: Empty shipyard and suicides as 'Hyundai Town' grapples with grim future
« Reply #1 on: August 13, 2018, 02:13:11 am »
Hyundai's notorious shortsighted thinking has finally caught up to them. They look for quick fixes and fire executives left and right instead of taking a long, hard look at the way they do business. The company makes strategic and product mistakes, then it plays the blame game.  Their sales in the US have been tanking since early 2017.  Maybe even longer.
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Offline endicom

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Re: Empty shipyard and suicides as 'Hyundai Town' grapples with grim future
« Reply #2 on: August 13, 2018, 02:32:53 am »
Quote from: The Ghost on August 13, 2018, 02:13:11 am
Hyundai's notorious shortsighted thinking has finally caught up to them. They look for quick fixes and fire executives left and right instead of taking a long, hard look at the way they do business. The company makes strategic and product mistakes, then it plays the blame game.  Their sales in the US have been tanking since early 2017.  Maybe even longer.


Hyundai/Kia is long on sedans and short on the vehicles Americans have turned to. Could be some bargains out there.

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