Hyundai Mobis is taking steps to support its parts suppliers by partnering with financial institutions.
On August 28, Hyundai Mobis announced that it has signed a co-prosperity guarantee memorandum of understanding (MOU) with Hana Bank and the Technology Guarantee Fund, aimed at providing financial support to its suppliers, with a total scale of 500 billion won.
The guarantee fund is designed to assist small and medium-sized suppliers that possess excellent technology and growth potential but face difficulties in securing funding due to low credit ratings or lack of collateral.
Under the agreement, Hyundai Mobis and Hana Bank will contribute a total of 30 billion won. Based on this, the Technology Guarantee Fund plans to establish a loan guarantee limit of 500 billion won to support suppliers in obtaining financing from first-tier banks. As a result, suppliers will benefit from preferential interest rates ranging from 3.9% to 4.9% at Hana Bank.
Hyundai Mobis expects this support initiative will not only reduce the financial burden on suppliers but also contribute to increased investment in research and development (R&D) and production facilities through improved liquidity.
Hyundai Mobis CEO Lee Gyu-seok stated, "This co-prosperity guarantee program has been established to support suppliers who have excellent technology but have struggled to secure growth opportunities due to financial conditions."
Meanwhile, Hyundai Mobis is strengthening its automotive parts supply chain competitiveness with approximately 2,100 suppliers both domestically and internationally. The company is also contributing to the development of talent among its suppliers through programs like the Mobius Bootcamp for software talent.
* This article has been translated by AI.
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