Independent Report Shows Hyundai Motor Delivering Increased Economic And Social Benefits To Europe
HIGH WYCOMBE, UNITED KINGDOM – Jan 13, 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 calendar 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% compared to 2011.
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 is directly responsible for additional value of €2.3 billion across the areas of manufacturing, supplies, research and development, sales and 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. Our entire value chain can be found within Europe, and the expansion of our infrastructure in the region is creating significant opportunities for employment and supplier revenue generation.”
The Hyundai factory in Nošovice, Czech Republic, annually purchases supplies worth €3.1 billion, €2 billion of which (65%) are sourced from within Europe.