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

business-analytics||116competition-regulation-and-business||0public-policy||0
Sector: Business analytics | Competition, Regulation and Business | Public Policy
Client: N/A
Published: February, 2013
Document type: Report 
Tagged: impact assessment quantitative analysis EC/EEA

The study highlights the contribution of Hyundai and Kia, two of the most successful car manufacturers operating in Europe, in a number of dimensions, namely: the contribution to employment and GDP; training and development of the labour force; the contribution to European R&D and innovation; the contribution to the development of the automotive supply chain in Europe; the contribution to the development of entrepreneurship in Europe; total tax contributions; and wider social contributions. Key findings are that:

– over 268,000 people owe their jobs to the presence of Hyundai and Kia in the European Union; Hyundai and Kia together paid almost €1.7 billion in taxes & duties to European governments in 2011;

– the contribution to EU GDP arising directly and indirectly from Hyundai’s and Kia’s activities in the European Union amounted to €11.6 billion in 2011;

– the majority of Hyundai and Kia cars sold in Europe are produced in Europe.