Hyundai Motor Group to Make Early Supplier Payments Ahead of Chuseok
2.0228 Trillion Won in Supplier Payments to Be Made Up to 20 Days Early
Hyundai Motor Group will make large-scale early payments to suppliers ahead of the Chuseok holiday to ease their financial burden.
On September 22, Hyundai Motor Group announced plans to pay 2.0228 trillion won in supplier payments up to 20 days earlier than the original payment date to support the management stability of its suppliers and inject vitality ahead of Chuseok.
This early payment initiative will benefit about 6,000 suppliers that provide parts, raw materials, and consumables to major Hyundai Motor Group affiliates, including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction, Hyundai Steel, Hyundai Glovis, Hyundai Transys, Hyundai Wia, and Hyundai AutoEver.
The purpose of this early payment is to alleviate the temporary financial strain suppliers face during the Chuseok holiday period, such as paying employee bonuses, various wages, and costs for raw and subsidiary materials.
Hyundai Motor Group will also encourage its first-tier suppliers to make early payments to their own second- and third-tier suppliers, actively promoting a virtuous cycle. The goal is to enhance the practical effects of early payment by resolving financial management uncertainties and supporting stable operations.
Hyundai Motor Group has been making advance payments to suppliers before the Lunar New Year and Chuseok every year to help resolve their financial difficulties. Last year, the group made early payments totaling 2.3843 trillion won before Chuseok and 2.0446 trillion won before the Lunar New Year.
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A Hyundai Motor Group representative stated, "With global economic uncertainties increasing due to changes in the external trade environment and high demand for funds during the holiday season, we have decided to make early payments to our suppliers. We hope this will provide substantial support to our partners."
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