Hyundai Motor Group announced Monday that it will provide its sales and auto parts dealerships 55.7 billion won ($46 million) in subsidies to stabilize their operations amid the COVID-19 pandemic.
Auto dealerships of its main affiliates -- Hyundai Motor, Kia Motors and Hyundai Mobis -- will be given the subsidies to help them overcome the economic downturn. The size is a 70 percent increase from last year’s funding.
Some 1,860 Hyundai Motor and Kia Motors dealerships across the country will receive the benefits, as well as around 1,100 Hyundai Mobis’ auto parts dealerships.
Some 40 billion won will be given to support dealerships pay off their loan interests, to help them focus on running the business and maintain fiscal balance, Hyundai said.
In addition, some 12 billion won will be used to pay rent fees to help secure their liquidity, while another 3.6 billion won will be injected to renovate their old facilities.
“We tried to focus on offering practical help to our dealerships that are at the forefront of the impact from economic downturn. We will continue to make efforts to overcome the current crisis and prepare for the post-COVID-19 era through coexistence,” said a company official.
By Kim Da-sol (email@example.com)