Renault Samsung Motors to Advance Payment for Parts Suppliers Ahead of Chuseok

[Asia Economy Reporter Kiho Sung] Renault Samsung Motors announced on the 16th that it will make an early payment of approximately 6.8 billion KRW to small and medium-sized parts suppliers on the 29th, ahead of the Chuseok holiday.

This early payment of goods fees will be made up to 11 days earlier than the scheduled payment date for 82 small and medium-sized parts suppliers of Renault Samsung Motors. Especially this year, due to the spread of the novel coronavirus infection (COVID-19), many small suppliers are experiencing management difficulties, so it is expected to be more helpful than in previous years.

As part of mutual growth and win-win cooperation with its partners, Renault Samsung Motors has been implementing early payment of goods fees every year before the start of the holiday to ease the financial burden of small and medium-sized suppliers. This year, it also made an early payment of about 15.4 billion KRW to 65 suppliers ahead of the Lunar New Year holiday in January.

Hwang Gapsik, Head of Purchasing at Renault Samsung Motors, said, “We understand that the management difficulties felt by small and medium-sized suppliers in the automotive industry are greater than ever ahead of the first holiday since the spread of COVID-19,” and added, “Renault Samsung Motors will continue to make various efforts for mutual growth and coexistence with small and medium-sized suppliers, including early payment of holiday goods fees.”

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