Hyundai Motor Group Makes Early Payment of 2.2562 Trillion Won to Suppliers Ahead of Chuseok

[Financial News] Hyundai Motor Group has stepped up to support its partner companies ahead of the Chuseok holiday.
Hyundai Motor Group announced on the 9th that it plans to pay 2.2562 trillion won in supply payments to suppliers up to 23 days earlier than the original payment date.
Major group affiliates, including Hyundai Motor Company, Kia Corporation, Hyundai Mobis, Hyundai Engineering and Construction, Hyundai Steel Company, Hyundai Glovis, Hyundai Transys, Hyundai WIA, Hyundai AutoEver, Hyundai Rotem Company, Hyundai Engineering Co., Ltd., and Hyundai KEFICO, are participating in this early payment.
The target is approximately 6,000 partner companies that trade parts, raw materials, and consumables. The purpose is to help stabilize business operations by relieving the financial burden on partner companies, where expenses such as employee bonuses and raw material payments pile up all at once ahead of the Chuseok holiday, and to revitalize the local economy.
In addition, Hyundai Motor Group recommended that first-tier suppliers also make early payments to second and third-tier suppliers. The plan is to create a virtuous cycle structure so that the benefits of payment spread evenly down to the lower levels of the supplier network.
Early payment is a long-standing practice that has continued every holiday season. Last year, 2.0228 trillion won was paid out early for Chuseok, and 2.0768 trillion won was paid out early for Seollal this year.
Along with support for partner companies, mutual growth activities for vulnerable groups are also being carried out. Employees from Hyundai Motor Company, Kia Corporation, and Hyundai Mobis deliver donations and daily necessities to affiliated organizations and vulnerable groups, and conduct volunteer activities at welfare facilities. Hyundai Motor Company's Ulsan plant held a shopping event at Hogye Market in Buk-gu, Ulsan, and delivered the purchased items to low-income families and social welfare facilities; this is a follow-up activity to the 'Win-Win Market Project' launched with Ulsan Metropolitan City last July.
In addition, Hyundai Steel Company, Hyundai Engineering and Construction, Hyundai Rotem Company, Hyundai Transys, and Hyundai Glovis are providing holiday gifts and meals to underprivileged neighbors, including low-income families and the elderly, and are engaging in meal service volunteering and food support. Hyundai AutoEver is running the 'Salim Project,' which involves purchasing agricultural products with low market value, processing them into fruit chips, and delivering them to vulnerable groups, while Hyundai WIA operates 'Ieum Market,' a direct transaction market connecting farmers in Changwon, South Gyeongsang Province, with its employees to purchase and donate local produce.
"A Hyundai Motor Group official stated, 'In anticipation of the Chuseok holiday, when demand for funds is concentrated, we plan to make early payments to our suppliers and engage in employee volunteer activities as well as support traditional markets and local farms.' The official added, 'We will continue to strive to create a win-win ecosystem where everyone can grow by developing together with our suppliers and local communities and sharing values.'"

[email protected] Kim Dong-chan Reporter