Hyundai Motor Group to Advance Payment of 2 Trillion KRW to Partner Suppliers

Supporting Financial Needs During Lunar New Year Holiday
Community Coexistence Initiatives Also Underway

Hyundai Motor Group will advance payments for supplier deliveries by up to 19 days ahead of the Lunar New Year holiday. This initiative aims to ease the financial burden on suppliers related to holiday expenses such as employee bonuses and raw material costs.

On the 13th, Hyundai Motor Group announced that it will make early payments totaling 2.0446 trillion KRW to its suppliers. Approximately 6,000 suppliers providing parts, raw materials, and consumables to major group companies including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Construction, Hyundai Steel, Hyundai Glovis, Hyundai Transys, Hyundai Wia, and Hyundai AutoEver are eligible. The purpose is to reduce the temporary financial strain on suppliers during the holiday period. Additionally, first-tier suppliers will be encouraged to make early payments to second- and third-tier suppliers before the Lunar New Year holiday.

Hyundai Motor Group has annually made advance payments to alleviate suppliers' financial difficulties before the Lunar New Year and Chuseok holidays. Last year, early payments of 2.1447 trillion KRW and 2.3843 trillion KRW were executed for the Lunar New Year and Chuseok, respectively.

A Hyundai Motor Group official stated, "Amid growing economic uncertainties such as high interest rates and high exchange rates, we decided to advance payments to suppliers ahead of the Lunar New Year, a period with high demand for funds. We will continue to develop various support measures to coexist and grow together with our suppliers."

In addition, the group will conduct social contribution activities to support vulnerable groups. Employees of Hyundai Motor, Kia, and Hyundai Mobis will donate funds and daily necessities to affiliated facilities and vulnerable populations, as well as participate in activities such as cleaning the surrounding environment, providing meals, and volunteering for meal distribution.

Hyundai Construction, Hyundai Transys, and Hyundai AutoEver will deliver gift sets to vulnerable groups and socially disadvantaged individuals. Hyundai Wia will implement a program to support heating supplies for low-income disabled households through voluntary employee donations and donate a total of 10 vehicles to marginalized groups.