Renault Samsung Pays 15.4 Billion KRW Early to 65 Partner Companies for Goods

The New QM6 LPe (Photo by Renault Samsung)

[Asia Economy Reporter Kim Ji-hee] Renault Samsung Motors announced on the 22nd that it will make an early payment of approximately 15.4 billion KRW to small and medium-sized parts suppliers on the 23rd in celebration of the Lunar New Year.

This early payment of goods is a measure to reduce the financial burden on small and medium-sized suppliers, whose cash needs intensify before the holiday. The 65 suppliers eligible for early payment will receive their funds up to 18 days earlier than the scheduled payment date.

Renault Samsung has consistently implemented early payment of goods before holidays as part of mutual growth and win-win cooperation with its suppliers. In February last year, it made early payments of about 14.6 billion KRW to 72 suppliers, and ahead of the Chuseok holiday in September, about 9.1 billion KRW to 69 suppliers.

Hwang Gap-sik, Executive Director of Purchasing at Renault Samsung, said, “Every year before the holidays, we have consistently made early payments to ease the temporary financial burden on our suppliers. We will continue to explore various ways to support suppliers who may be facing difficulties due to recent strikes.”

In addition, Renault Samsung is carrying out various activities to promote a culture of mutual growth, such as fair subcontracting transaction education to help stabilize the management of small and medium-sized suppliers and expanding the win-win payment system to second- and third-tier suppliers.

This content was produced with the assistance of AI translation services.