Hyundai Wia Holds 'Partnership Day'... "Expanding Support for Partners"

Sharing Management Vision with 120 Partner Companies
Operating a Total of 68 Billion KRW Win-Win Growth Fund This Year

Jung Jae-wook, President of Hyundai Wia (center front row), along with executives and representatives of Hyundai Wia partner companies, are taking a commemorative photo at the '2022 Partnership Day' held on the 18th at Rolling Hills Hotel in Hwaseong, Gyeonggi-do.
Photo by Hyundai Wia

[Asia Economy Reporter Yoo Hyun-seok] Hyundai Wia is expanding support for its partners and working to establish a culture of mutual growth.

On the 21st, according to Hyundai Wia, the company held a 'Partnership Day' on the 18th at the Rolling Hills Hotel in Hwaseong, Gyeonggi Province, and decided to strengthen support for its partners.

Through this, Hyundai Wia plans to root the culture of 'mutual growth' within the company. The Partnership Day with partners is an event where the company shares its management vision with 120 major partner companies and discusses ways to grow together. This year's event was held in a dual format, with on-site attendance and online participation via live streaming, considering the COVID-19 situation.

Hyundai Wia set the goal of 'Overcoming Crisis through Mutual Growth' and decided to significantly enhance support for its partners. In particular, it will help overcome crises such as 'supply chain collapse' and 'inflation concerns' caused by COVID-19. The company will support partners in securing future growth engines.

This includes preparing for new businesses such as the 'Integrated Thermal Management Solution,' 'Electrified Axle (e-TVTC),' and 'Smart Manufacturing Solution' that Hyundai Wia is promoting. The company plans to jointly develop new technologies with partners and implement a 'performance-sharing system' that distributes the benefits of proposals with partners, encouraging them to proactively suggest new technologies.

Additionally, Hyundai Wia will work with partners to prepare for supply chain risks. In case of disruptions in the supply of raw and subsidiary materials, they will quickly exchange information in advance and respond jointly. Furthermore, they will inspect the supply system for raw and subsidiary materials and support securing sufficient quantities in advance. To prepare for logistics difficulties, localization will be promoted from the raw and subsidiary materials and parts level to ensure no disruption in product production.

Hyundai Wia will continue to implement win-win cooperation programs for mutual growth. First, it will operate a mutual growth fund totaling 68 billion KRW this year to support partners facing financial difficulties. In addition, about 17 billion KRW will be invested to help partners develop and protect technologies. The company will also assist in hosting job fairs so partners can recruit excellent talent. Moreover, Hyundai Wia plans to support about 400 training courses by utilizing Hyundai Motor Group's 'Global Win-Win Cooperation Center' to provide technical education for employees of partner companies.

Hyundai Wia plans to continuously lay the foundation for sustainable growth together with its partners. A Hyundai Wia official said, "Mutual growth with partners is the most important task to overcome the ongoing crises following COVID-19," adding, "We will work together with all partners to overcome the crisis and become a parts company with competitiveness in the future mobility market."

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