Renault Samsung Motors agreed a wage deal with its labour union last week, bringing to an end months of industrial action which has resulted in production losses estimated by the company at around KRW300bn (US$253m).

After a week-long strike at the company's Busan plant, union workers voted 74% in favour of a revised wage deal in a ballot held on Friday.

The deal includes a "joint declaration for mutual survival" and adherence to the principle of "no work, no pay", the company said in a statement.

Union representatives were expected to sign the formal agreement on 24 June, accepting a revised offer by the company of a KRW12m (US$10,100) bonus per worker for their contributions to the carmaker's performance in 2018 instead of a basic salary increase.

Since October 2018, the company has lost around 15,000 units in vehicle output as a direct as a result of the strike action while overall output in the first five months of the year fell by 35% to 67,158 units from 104,097 units a year earlier.