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)

By Reuters

Published on 13/12/2018 - 04:04•Updated 26/04/2024 - 08:36

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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.