Hyundai Motor Group to Advance Payment of 1.1087 Trillion KRW to Partners Before Chuseok

Purchase of 12.7 Billion Won in Onnuri Gift Certificates... Employees Also Participate in Non-Face-to-Face Volunteer Activities

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Group is engaging in mutual growth activities ahead of Chuseok by making early payments for delivered goods and purchasing Onnuri gift certificates.

On the 20th, Hyundai Motor Group announced plans to pay 1.1087 trillion KRW in delivery payments before the Chuseok holiday to alleviate financial burdens on its partners. Additionally, the group purchased approximately 12.7 billion KRW worth of Onnuri gift certificates to distribute to group employees before the Chuseok holiday and plans to deliver them to affiliated facilities and underprivileged neighbors during the employee volunteer week for Chuseok.

This early payment of delivery fees targets about 3,000 partner companies supplying parts, raw materials, and consumables to six companies: Hyundai Motor Company, Kia Motors, Hyundai Mobis, Hyundai Construction, Hyundai Steel, and Hyundai Wia. Partners can receive payments up to 20 days earlier than the scheduled payment date from Hyundai Motor Group.

Hyundai Motor Group also intends to encourage first-tier partners to advance payments to second- and third-tier partners before Chuseok, aiming to expand the effect of early payments.

Hyundai Motor Group has been making advance payments of delivery fees before major holidays such as Seollal and Chuseok every year to help partners overcome financial difficulties. Last year, early payments of 1.1295 trillion KRW and 1.4181 trillion KRW were made before Seollal and Chuseok, respectively.

A Hyundai Motor Group official stated, "We decided to advance delivery payments to partners ahead of Chuseok, when financial demand is highest. We will ensure that these funds are distributed evenly to second- and third-tier partners as well."

Furthermore, Hyundai Motor Group purchased approximately 12.7 billion KRW worth of Onnuri gift certificates before the Chuseok holiday to revitalize traditional markets and stimulate domestic consumption. This Chuseok, the group will also operate an 'Employee Online Shopping Mall' where about 14,800 Korean agricultural products can be purchased, supporting increased income for farmers.

Non-face-to-face volunteer activities by employees will also be conducted. Considering the COVID-19 situation, employees from 16 Hyundai Motor Group affiliates will deliver Onnuri gift certificates and donations to affiliated facilities and underprivileged neighbors from the 18th to the 29th of this month, and participate in activities such as making quarantine supplies at home and blood donation.