Hyundai Motor Co. and Kia Motors Corp. announced Thursday that about 850 billion won ($760 million) owed to suppliers will be paid ahead of the due dates.
The carmakers said that the payments will be made starting Jan. 26 to ease suppliers’ cash flow ahead of Seollal, or the New Year according to the lunar calendar.
According to the carmakers, about 1,200 companies supplying parts and materials will receive payments before the due date as a result of the measure.
The companies will also bring forward the payment dates for about 140 small- and medium-sized enterprises by as much as 15 days in light of the increased cash-requirements expected before the holiday.
