New report reveals significant economic and social benefits of Hyundai and Kia’s presence in Europe
- Up to 268,000 people owe their jobs to presence of Hyundai and Kia in EU
- €1.7 billion in taxes paid to European governments during 2011
- Factories source €3.4 billion of supplies annually from within the region
A new report, published today by leading European economic consultancy London Economics, has independently confirmed the substantial contribution of Hyundai Motor Group to the European economy.
The report, entitled ‘The economic and societal benefits deriving from the presence of Hyundai and Kia in Europe’ found that up to 268,000 people owe their jobs to the European presence of the two brands.
Including customs duties, sales and income taxes, Hyundai and Kia contributed a total of almost €1.7 billion in taxes to European governments during 2011, further supporting the region’s economies.
The factories in the Czech Republic (Nošovice) and Slovakia (Žilina) together purchase supplies worth €4.8 billion, €3.4 billion of which (72%) are sourced from within Europe.
The report also highlighted that Hyundai Motor Group’s entire value chain, from R&D to distribution, can be found within Europe. The sales distribution network covering all EU Member States and EFTA countries adds an additional €2 billion to European GDP.
Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe, commented: “This report confirms that Hyundai Motor Group’s commitment to Europe – its people, its economy – is stronger than ever. Our multi-billion Euro investment in the region has enhanced the quality of our products and services, and has brought new opportunities for those in employment, directly and indirectly. Here for the long term, we want Europe to succeed because our people and operations are at the heart of it.”
Michael Cole, Chief Operating Officer, Kia Motors Europe, said: “As well as supporting more than a quarter of a million jobs – both directly and in the extended European automotive supply chain – Hyundai Motor Group is delivering on a programme of professional training and development for our employees in Europe, and pursuing a very wide range of projects focused on education and social welfare. With our European output and market share continuing to grow year-on-year, we are pleased and proud to see the London Economics report underline the scale of our contribution to economic growth in Europe.”
The full report is available to download from the London Economics website: http://www.londecon.co.uk/
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About Hyundai Motor Company
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group, with more than two dozen auto-related subsidiaries and affiliates. Hyundai Motor -- which has seven manufacturing bases outside of South Korea including Brazil, China, the Czech Republic, India, Russia, Turkey and the U.S. -- sold 4.4 million vehicles globally in 2012. Hyundai Motor, which employs over 80,000 worldwide, offers a full line-up of products including small to large passenger vehicles, SUVs and commercial vehicles. Further information about Hyundai Motor and its products is available at www.hyundai.com.
About Hyundai Motor Europe
The company designs, engineers and manufactures cars in Europe, specifically for European consumers. In 2012, Hyundai achieved European sales of 444.000 units, taking a new-car market share of 3,5%. Almost 95% of the vehicles Hyundai sells in the region are designed, engineered and tested in Europe. And more than 70% are built at its two local factories (Czech Republic and Turkey), including New Generation i30, which is shortlisted for Europe’s 2013 Car of the Year award. Hyundai sells cars in 28 European countries across 2.500 outlets.
Hyundai offers its unique, Europe-only, Five Year Triple Care warranty package with all new cars sold in the region, providing customers with a five-year warranty with no mileage limit, five years of roadside assistance and five years of vehicle health checks.
More information about Hyundai Motor Europe and its products is available at www.hyundai.com/eu.