New Report Reveals Significant Economic And Social Benefits Of Hyundai And Kia's Presence In Europe
HIGH WYCOMBE, UNITED KINGDOM – Feb 28, 2013: 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.”