December 13, 2018 / 2:31 AM / 3 months ago

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

FILE PHOTO: The logo of Hyundai Motor is seen at a dealership in Seoul, South Korea, April 26, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s Hyundai Motor Co (005380.KS) plans to provide funding worth 1.7 trillion won ($1.5 billion) to stabilize 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

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