The union of Hyundai Motor Co. said Tuesday its negotiations with the management over wages have collapsed, a move that could lead to a strike at the largest Korean carmaker.

The union made the announcement at its meeting with the management at Ulsan, the home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul.

 "There is no more patience," the union said in a message posted on its website as it strongly suggested that the unionized workers could stage a strike.

Some 48,000 unionized workers are set to vote next Wednesday on whether to go on strike, which requires a majority approval from union members.

The union demanded, among other things, a hike of 152,050 won ($131) in basic salaries and 30 percent of the company's net profit last year as bonus.

Hyundai Motor's consolidated net profit came in at more than 6.5 trillion won ($5.6 billion) last year. The company expressed its regret over the union's abrupt move.

"It's regrettable that the union suddenly declared the collapse of negotiations at a time when discussions have not been fully made between the company and union," a company official said. He asked not to be identified, citing the issue's sensitivity.

Strikes have plagued Hyundai Motor for decades. The unionized workers have dropped their tools every year due to wage disputes and other issues since 1986, except in 1994, 2007, 2009, 2010 and 2011, according to the carmaker.

Hyundai Motor forms the world's fifth-largest automaker together with its smaller sister company Kia Motors Corp. (Yonhap)