Independent report shows Hyundai Motor delivering increased economic and social benefits to Europe
- Over 152.000 people owe their jobs to European presence of Hyundai Motor - Tax contribution to regional governments in 2012 up 38% to €1,3 billion - Manufacturing and development activities generate additional €2,3 billion
Jan. 14, 2014 -An updated report published by leading European economic consultancy, London Economics has independently confirmed the increasing contribution of Hyundai Motor to the European economy.
The updated edition of "The economic and societal benefits deriving from the presence of Hyundai in Europe" draws on new data covering the year 2012 and reports that more than 152.000 people now owe their jobs to the European presence of Hyundai. This figure has increased by almost 18% since the first report, covering the year 2011, was published in February 2013.
Including customs duties, sales and income taxes, Hyundai contributed €1,3 billion in taxes to European governments during 2012. This represents a 38% increase over the amount of tax paid in 2011, providing significant additional support to regional economies.
The updated report also found that Hyundai Motor is directly responsible for additional value of €2,3 billion across the areas of manufacturing, supplies, research & development and sale & distribution. This additional value is estimated to produce a further €7 billion in output and 115.000 additional jobs in the region.
Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe, commented: "This updated report confirms Hyundai"s ongoing commitment to the success of Europe and its people. Because our entire value chain can be found within Europe, the expansion of our infrastructure in the region is creating significant opportunities for employment and supplier revenue generation."
The Hyundai Motor"s factory in Nosovice, Czech Republic annually purchases supplies worth €3,1 billion, €2 billion of which (65%) are sourced from within Europe.
The full report is available to download from the London Economics website: www.londecon.co.uk/
About Hyundai Motor
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 90,000 worldwide, offers a full line-up of products including small to large passenger vehicles, SUVs and commercial vehicles.