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Hyundai Motor Group to provide suppliers with $1.5 billion in funding

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By Reuters
Hyundai Motor Group to provide suppliers with $1.5 billion in funding
FILE PHOTO - A worker works at an assembly line of Hyundai Motor's plant in Asan, South Korea, January 27, 2016. REUTERS/Kim Hong-Ji/File Photo   -   Copyright  Kim Hong-Ji(Reuters)

SEOUL (Reuters) – South Korea’s Hyundai Motor Co <005380.KS> plans to provide funding worth 1.7 trillion won (1.2 billion pounds/$1.5 billion) to stabilise management of its suppliers, the company said in a statement on Thursday.

The funding is designed to also support research and development and innovation by the suppliers.

(Reporting by Heekyong Yang)