HYUNDAI MOTOR CO (005380)'s group will pay suppliers ₩2.2562 trillion ahead of schedule. Dailian reported the Chuseok measure on Wednesday.
Payments will reach about 6,000 suppliers as many as 23 days early. Participating companies include Hyundai Glovis Co., Ltd. (086280) and Hyundai Engineering & Construction Co., Ltd. (000720). The group asked first-tier suppliers to accelerate payments to their own second- and third-tier vendors.
The early payments cover parts, raw materials and consumable goods. Twelve major group companies will participate. HYUNDAI MOTOR CO's market capitalisation was ₩79.4 trillion at Wednesday's close.
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| Symbol | Last Price |
|---|---|
| 005380HYUNDAI MOTOR CO | ₩388,000 +0.8% |
| 086280Hyundai Glovis Co., Ltd. | ₩202,500 -0.2% |
| 000720Hyundai Engineering & Construction Co., Ltd. | ₩133,600 +1.7% |