Hyundai Motor Group to Advance Payment of 2 Trillion Won to Partner Suppliers

Purchase of Onnuri Gift Certificates... "Revitalizing the Local Economy"
Operation of 'Employee Online Shopping Mall' for Agricultural and Marine Products Purchase

Hyundai Motor Group has taken steps to pay delivery fees early and purchase Onnuri gift certificates for traditional markets in celebration of Chuseok. The company explained that this contributes to revitalizing the local economy by stabilizing partner companies' management and promoting the consumption of agricultural and marine products.

On the 19th, Hyundai Motor Group announced plans to pay delivery fees totaling 1.9965 trillion KRW ahead of the originally scheduled payment date, before the start of the Chuseok holiday, to ease the financial burden on its partner companies. Additionally, it purchased approximately 9.1 billion KRW worth of Onnuri gift certificates and distributed them to group employees. The company also operates an ‘Employee Online Shopping Mall’ where employees can purchase domestic agricultural and marine products, aiming to promote consumption of Korean agricultural and marine products and increase farmers' and fishermen's incomes.

The early payment of delivery fees targets about 6,000 partner companies supplying parts, raw materials, and consumables to Hyundai Motor, Kia, Hyundai Mobis, Hyundai Glovis, Hyundai Construction, Hyundai Steel, Hyundai AutoEver, Hyundai Wia, Hyundai Transys, and others. Payments will be made up to 20 days earlier than the original payment dates to alleviate the financial management burden on partner companies, which typically face concentrated expenses during the Chuseok holiday period, such as employee bonuses and raw material payments. First-tier partners are also encouraged to advance payments to second- and third-tier partners.

The company had also executed early payments of 1.8524 trillion KRW and 2.3766 trillion KRW during last year's Chuseok and this year's Lunar New Year, respectively.

A Hyundai Motor Group official stated, “Amid ongoing high interest rates and high exchange rates, we decided to advance delivery fee payments to partner companies during the Chuseok holiday, a period with high demand for funds. We will continue to explore various support measures to coexist and grow together with our partners.”

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