Seoul: Hyundai Motor Co. is poised to face significant production losses of over 60,000 vehicles as its labor union intensifies strike actions due to stalled wage negotiations, industry sources revealed on Wednesday.

According to Yonhap News Agency, the automaker's union has announced a series of strikes, beginning with four-hour partial strikes on Wednesday and Thursday, followed by an eight-hour full-scale strike on Friday. This marks the first full-scale walkout in a decade for Hyundai. The union has further committed to continuing the four-hour partial strikes next Monday and Tuesday, extending the walkout period to five days.

The ongoing strikes are projected to result in cumulative production losses from last month through August 25, totaling approximately 62,000 vehicles. The financial impact of these losses is estimated at 2.6 trillion won (US$1.85 billion), as per industry sources familiar with the situation.

The labor dispute is compounding challenges for Hyundai Motor, which is already dealing with declining global sales. The company's worldwide sales fell by 5.1 percent year-on-year to 318,454 vehicles in July, marking the 10th consecutive month of year-on-year declines.