Hyundai Motor Group to Release 2.2 Trillion Won to Over 6,000 Partners Ahead of Chuseok

Payment Date Moved Up by Up to 23 Days
Initiatives for Mutual Growth Targeting Vulnerable Groups

Hyundai Motor Group is launching initiatives to foster mutual growth ahead of the Chuseok holiday, including early payment of 2 trillion won in procurement payments to partner companies and support for vulnerable groups.

On September 9, Hyundai Motor Group announced plans to pay 2.2562 trillion won in procurement payments to partner companies up to 23 days earlier than the originally scheduled payment date. Major group subsidiaries—including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction, Hyundai Steel, Hyundai Glovis, Hyundai Transys, Hyundai Wia, Hyundai Autoever, Hyundai Rotem, Hyundai Engineering, and Hyundai Kefico—will participate. The initiative targets roughly 6,000 partner companies involved in transactions of components, raw materials, and consumables.

Hyundai Motor Group will also recommend that primary partners provide early payment to their own secondary and tertiary suppliers, with the goal of creating a virtuous cycle that spreads the practical benefits of early payments throughout the entire supply network. Each year, ahead of the Lunar New Year and Chuseok holidays, Hyundai Motor Group has provided advance payment of procurement funds to ease the cash flow burdens of its partners. Last year, for Chuseok and the Lunar New Year, the group provided 2.0228 trillion won and 2.0768 trillion won, respectively, in early payments.

Additionally, employees across Hyundai Motor Group subsidiaries will engage in various initiatives to ensure everyone enjoys a warm and plentiful Chuseok. Local business sites nationwide will distribute essential items and meals to vulnerable groups, and employees will participate in volunteer activities, as well as provide support to traditional markets and local farms.

Employees of Hyundai Motor, Kia, and Hyundai Mobis will deliver monetary donations and essential goods to affiliated organizations and vulnerable groups, while also conducting volunteer work at welfare facilities.

In July, Hyundai Motor’s Ulsan plant, in cooperation with the city of Ulsan, launched the 'Coexistence Market Project,' which connects businesses and traditional markets. The plant will hold a shopping event at the Hogye Market in Buk-gu, Ulsan, and distribute the purchased goods to low-income households and social welfare facilities.

Hyundai Steel, Hyundai Engineering & Construction, Hyundai Rotem, Hyundai Transys, and Hyundai Glovis will support isolated neighbors—including low-income families and seniors—by providing holiday gifts and meals, and will participate in volunteer food service and grocery support initiatives. Hyundai Autoever will launch the ‘Salim Project,’ a mutual growth initiative to support both struggling farms and vulnerable groups.

Hyundai Wia, using the Agricultural and Fishing Village Coexistence Fund, will open the direct-trading market ‘Eum Market’ in Changwon, Gyeongnam. There, employees will purchase local agricultural products and donate them to underserved groups.

A Hyundai Motor Group official stated, “To coincide with the Chuseok period, when demand for cash is high, we will implement early payment of procurement funds to partner companies and promote employee volunteer activities, as well as support for traditional markets and local farms. We are committed to developing together with our partners and communities, sharing value, and fostering an ecosystem in which everyone can grow together.”

This content was produced with the assistance of AI translation services.