Hyundai Motor Co. Ltd. and Kia Motors Corp. will pay their top-tier suppliers 20% more for automotive parts, Ward’s learns. The agreement was worked out in a private meeting between Hyundai Vice Chairman and co-CEO Kim Dong-jin and Hong Seok-woo, the director of Korea’s Small and Medium Business Admin., a national government agency that addresses the needs of small and midsize companies. The 20% price increase applies to approximately 230 suppliers that directly supply Hyundai and Kia, ...

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