Renault Samsung Motors to Advance Payment of 12 Billion KRW to Partners Before Chuseok

Renault Samsung Motors XM3

[Asia Economy Reporter Changhwan Lee] Renault Samsung Motors announced on the 15th that it will make an early payment of approximately 12 billion KRW to small and medium-sized parts suppliers on the 17th ahead of the Chuseok holiday.

The early payment of goods payments is intended to ease the operational burden of small and medium suppliers who face concentrated cash flow demands before the holiday.

The early payment targets 78 partner companies. They will receive payments up to 8 days earlier than the scheduled payment date.

Renault Samsung Motors has consistently implemented early payment of goods payments before holidays as part of mutual growth and win-win cooperation with its partners.

Last January, ahead of the Lunar New Year holiday, about 17.6 billion KRW was paid early to 72 partner companies, and last year before Chuseok, about 6.8 billion KRW was paid early to 82 partner companies.

Hwang Gapsik, Head of Purchasing at Renault Samsung Motors, said, “Despite the difficult times due to the ongoing COVID-19 pandemic, we express our gratitude to the partners who are working together to strengthen Renault Samsung Motors' competitiveness,” and added, “Renault Samsung Motors will make multifaceted efforts for mutual growth and coexistence with its partners.”

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