Generously for Seol... Hyundai Motor Group to Advance Payment of 2 Trillion KRW to Partners

Inducing Early Payments to 2nd and 3rd Tier Partners

Hyundai Motor Group will advance the payment of approximately 2 trillion won in delivery fees to its partners ahead of the Lunar New Year holiday, a period when cash demand surges.

On the 29th, Hyundai Motor Group announced plans to pay 2.1447 trillion won in delivery fees up to 23 days earlier than the originally scheduled payment date to ease the financial burden on its partners.

This initiative aims to help alleviate the temporary concentration of cash needs among partners during the Lunar New Year due to various wages such as bonuses and payments for raw materials.

The target companies are about 6,000 partners supplying parts, raw materials, and consumables to Hyundai Motor, Kia, Hyundai Mobis, Hyundai Construction, Hyundai Steel, Hyundai AutoEver, Hyundai Wia, and others.

Additionally, first-tier partners will be encouraged to advance payments to second- and third-tier partners before the Lunar New Year, expanding the beneficiaries and spreading the effects of early payment.

Hyundai Motor Group has been making such advance payments of delivery fees every holiday season. Last year, it executed early payments of 2.3766 trillion won and 1.9965 trillion won for the Lunar New Year and Chuseok holidays, respectively.

A Hyundai Motor Group official stated, "We will continue to actively implement win-win activities that provide practical support to our partners and take the lead in mutual growth."