Renault Korea, Early Payment of Supplier Invoices for 10 Consecutive Years

Easing Operational Burdens for Small and Medium Partner Companies Ahead of the Holiday

Renault Korea Motors announced that it will pay approximately 3 billion KRW to small and medium-sized parts suppliers on the 8th. This measure is intended to ease the operational burden of small and medium suppliers, who face increased financial demands ahead of the holidays.

This early payment initiative has been in place for 10 years. During this period, the total amount paid early has reached about 200 billion KRW, with 73 partner companies eligible this year. Payments are received up to 17 days earlier than the scheduled payment date. In 2014, the company was the first in the domestic automotive industry to establish a 35 billion KRW fund through a public-private cooperation fund, and since 2017, it has expanded fair subcontracting transaction education and a win-win payment system to second- and third-tier suppliers.

Hong Young-jin, Head of Purchasing at Renault Korea, said, "We express our gratitude to our partners who are working together to strengthen new car competitiveness in the second half of this year despite difficult circumstances."

Renault Korea Motors Busan Plant Panorama
[Photo by Renault Korea Motors]

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