Hyundai Mobis, 'Win-Win Steps' to Overcome COVID-19

Support for Parts Price Discounts and Payment Deadline Extensions at Nationwide Dealerships

[Asia Economy Reporter Kiho Sung] Hyundai Mobis has introduced an emergency management support plan to help parts dealerships facing difficulties such as decreased sales due to the prolonged spread of the novel coronavirus infection (COVID-19). Employees have also shown various win-win efforts by donating money raised through their ideas.

According to the industry on the 23rd, Hyundai Mobis decided to offer discounts on parts supply prices to 1,134 dealerships nationwide throughout this month. This support is expected to provide benefits of about 3 million KRW per dealership. The maturity dates of promissory notes due this month will also be extended. Hyundai Mobis will accept requests from each dealership for the required period and extend the maturity of promissory notes by up to three months. Hyundai Mobis expects this to provide practical help in securing cash flow for dealerships experiencing management difficulties such as decreased sales and delayed payments from clients due to COVID-19. In addition, Hyundai Mobis will distribute more than 5,000 hand sanitizers to parts dealerships nationwide.

Along with this, Hyundai Mobis will support medical staff and others who are doing their best to overcome COVID-19 by collecting donations through voluntary contributions from employees. The fundraising is conducted in a '1+1 matching fund' format, where the company matches the employees' voluntary donation amounts on a one-to-one basis. During the approximately two-week fundraising period starting from the 26th of last month, employees donated about 75 million KRW, raising a total donation amount of 150 million KRW.