Hyundai Motor Group to Advance Payment of 1.8 Trillion KRW to Suppliers

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Group announced on the 29th that it will advance the payment of 1.8524 trillion KRW in delivery payments to its partner companies ahead of the originally scheduled date, distributing the funds before the Chuseok holiday.

This early payment of delivery funds targets 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. They will receive payments up to 13 days earlier than the scheduled date. The company expects this to help ease the temporary financial burden on partner companies that intensifies before the holiday.

Additionally, first-tier partners will be encouraged to advance payments to second- and third-tier partners before Chuseok. Hyundai Motor Group had previously executed early payments of 1.2354 trillion KRW and 1.4402 trillion KRW before last year's Chuseok and this year's Lunar New Year, respectively.

To revitalize traditional markets and stimulate domestic consumption, the group plans to purchase 28 billion KRW worth of Onnuri gift certificates before the holiday and distribute them to group employees. This Chuseok as well, an online shopping mall for employees will operate, enabling them to purchase over 14,800 Korean agricultural products, supporting increased farm income by encouraging employees to celebrate the holiday with domestic agricultural goods. Furthermore, each affiliate will donate funds and local gift certificates to partnered welfare facilities and marginalized neighbors.

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