Hyundai Motor Group to Advance KRW 1.44 Trillion in Supplier Payments... "Easing Financial Struggles of Partners"

[Asia Economy Reporter Ki-min Lee] Hyundai Motor Group announced on the 16th that it plans to advance the payment of 1.4402 trillion KRW in delivery payments ahead of the originally scheduled date to ease the financial burden on its partners before the Lunar New Year holiday.

This early payment of delivery fees will be made to about 3,000 partner companies supplying parts, raw materials, and consumables to Hyundai Motor, Kia, Hyundai Mobis, Hyundai Construction, Hyundai Steel, Hyundai Wia, and others. Partners can receive payments up to 26 days earlier than the scheduled payment date from Hyundai Motor Group.

Hyundai Motor Group expects that the early payment of delivery fees will help alleviate the temporary concentration of financial demands on partners, such as bonuses and various wages, as well as raw material payments, ahead of the holiday.

In particular, first-tier partners will be encouraged to advance delivery payments to second- and third-tier partners before the Lunar New Year, so that the effect of early payment can be spread.

Hyundai Motor Group has been making early payments of delivery fees every year before the Lunar New Year and Chuseok holidays to help partners overcome financial difficulties. Last year, early payments of 1.9769 trillion KRW and 1.2354 trillion KRW were made before the Lunar New Year and Chuseok, respectively.

A Hyundai Motor Group official said, "We decided to advance the delivery payments to partners ahead of the Lunar New Year, when financial demand is high," adding, "We will strive to ensure that these funds are distributed evenly to second- and third-tier partners so that employees of partner companies can have a warm holiday despite the difficult situation caused by COVID-19."

Additionally, Hyundai Motor Group plans to purchase 7.4 billion KRW worth of Onnuri gift certificates to distribute to group employees and deliver them to affiliated facilities and marginalized neighbors during the Lunar New Year employee volunteer week. Last year, Hyundai Motor Group purchased 30.6 billion KRW and 21.6 billion KRW worth of Onnuri gift certificates before the Lunar New Year and Chuseok, respectively. Furthermore, the group will operate an 'Employee Online Shopping Mall' where about 14,800 domestic agricultural products can be purchased this Lunar New Year.

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