The economic and societal benefits deriving from the presence of Hyundai and Kia in Europe (update)

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Sector:Competition, Regulation and Business | Productivity, Innovation and New Economy
Client:Hyundai Motor Company
Published: December, 2013
Document type:Report 
Tagged: impact assessment quantitative analysis EC/EEA UK

London Economics published updated figures on the contribution of Hyundai and Kia to the European economy. The key findings are:

  1. Almost 317,000 people owe their jobs to the presence of Hyundai and Kia in the European Union
  2. Hyundai and Kia contributed €2.1 billion in taxes and duties to European governments in 2012
  3. The majority of Hyundai and Kia cars sold in Europe are produced in Europe
  4. Hyundai and Kia directly contribute almost €5 billion to EU GDP
  5. The additional output generated by Hyundai’s and Kia’s activities in Europe throughout the economy amounts to €15 billion
  6. Hyundai’s and Kia’s activities in the EU span the entire automotive value chain, from research & development to manufacturing, testing, and sale & distribution

The number of Hyundai vehicles sold in Europe has almost doubled since 2008, whilst the number of Kia vehicles sold has increased by over two-thirds. In 2012, Hyundai sales in the EU+EFTA increased by 9.4% and Kia sales by 15.6% as compared to 2011 while the market overall declined by 7.8%. Two state-of-the-art manufacturing facilities in the Czech Republic and Slovakia, research and testing facilities in Germany, and distributor networks and dealerships throughout Europe support the two brands’ success in a very difficult environment.