Hyundai Motor Co.’s labor union is pushing for a performance bonus of nearly 4 trillion won ($2.9 billion) for its members, citing strong earnings amid external pressures including a temporary slowdown in electric vehicle (EV) demand, an influx of low-cost Chinese EVs, and renewed U.S. tariff threats.

The Hyundai Motor branch of the Korean Metal Workers’ Union said on Thursday that it finalized the union’s demands during a two-day emergency delegates’ meeting.

The union is seeking a base pay increase of 141,300 won and a performance bonus equal to 30 percent of the 2024 net profit, with the proposed base pay hike more than 20 percent higher than that year’s actual increase. Hyundai Motor reported a net profit of about 13.23 trillion won in 2024, with 30 percent amounting to roughly 3.97 trillion won.

The demand contrasts with the global auto industry, where major manufacturers including Nissan Motor Co. and Stellantis N.V. have pursued sweeping restructuring measures such as layoffs and plant closures in response to weaker performance.

The union is also calling for an extension of the retirement age from 60 to up to 64, the adoption of a 4.5-day workweek without wage cuts, and an increase in the annual bonus from 750 percent of base salary to 900 percent.

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