Hyundai Motor Group to Allocate 5 Trillion Won to Support Small and Medium Suppliers
[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Group is reportedly set to announce a support plan worth 5 trillion won for small and medium-sized parts suppliers.
According to industry sources, Hyundai Motor Group will announce this win-win cooperation plan for small and medium suppliers on the 19th, together with high-ranking officials including Prime Minister Han Duck-soo. Hyundai Motor Group Chairman Chung Eui-sun is being coordinated to attend in person.
The plan is expected to include measures to assist small and medium-sized parts suppliers facing management difficulties, as well as support for research and development and facilities for the electrification transition. The automotive industry views that, amid the rapid pace of electrification, small and medium suppliers with limited financial resources are in a difficult position.
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With recent rises in prices and interest rates worsening external conditions, small and medium suppliers' capacity to prepare for the future automotive industry has further deteriorated. Hyundai Motor Group previously announced a win-win cooperation program in 2018 to support small and medium parts suppliers with 1.7 trillion won over five years.
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