Kia Motors Union: "Sharp Decline in Performance Due to Quality Costs... Management Must Take Responsibility and Step Down"

[Asia Economy Reporter Suyeon Woo] The Kia Motors labor union has called for responsible action from management following a sharp decline in third-quarter earnings this year due to the establishment of quality cost reserves.

On the 27th, the Kia Motors union held a press conference in front of the Kia Motors headquarters in Yangjae-dong, Seoul, stating, "Although operating profits exceeding 1 trillion won were expected in the third quarter, operating profits drastically decreased due to the irresponsible decisions of management," and emphasized, "The board of directors that decided on the big bath must take responsibility and step down."

The union added, "The performance of new management should not be achieved by shifting the responsibility of past management," and "It should be evaluated as a result of Chairman Chung Euisun's progressive future management and the co-growth based on the trust of group members."

On the same day, the union also demanded the extension of the retirement age and the introduction of a labor director system, urging that research and development and investment plans related to future car strategies such as hydrogen fuel cell vehicles and pure electric vehicles be shared transparently with the union.

The union stated, "Mobility and urban air mobility (UAM) businesses, which are insufficiently prepared for the market, should be considered long-term tasks, and Chairman Chung should aggressively invest in hydrogen and electric vehicles, even if it means contributing his personal funds, to lead the market."