Hyundai Motor Signs Co-Prosperity Agreement with 5,500 Suppliers on July 7

According to Yonhap News, Hyundai Motor Group and its 12 affiliates signed a co-prosperity agreement with suppliers on July 7. The agreement improves payment terms, with Hyundai committing to pay first-tier suppliers within 10 days of invoice, while increasing cash settlement ratios. First and second-tier suppliers pledge similar terms for lower-tier partners.

Hyundai and Kia will support suppliers' transition to AI, software, and autonomous driving technologies, with employee training programs in AI and cybersecurity. Hyundai Mobis will expand advanced component partnerships for its robotics expansion. The agreement is expected to benefit approximately 5,500 suppliers across Hyundai's supply chain.