| Practice Area: | Competition & Antitrust |
|---|---|
| Client: | Hyundai Motor Company |
| Published: | December, 2013 |
| Tagged: | EC/EEA impact assessment quantitative analysis UK |
London Economics published updated figures on the contribution of Hyundai and Kia to the European economy. The key findings are:
- Almost 317,000 people owe their jobs to the presence of Hyundai and Kia in the European Union
- Hyundai and Kia contributed €2.1 billion in taxes and duties to European governments in 2012
- The majority of Hyundai and Kia cars sold in Europe are produced in Europe
- Hyundai and Kia directly contribute almost €5 billion to EU GDP
- The additional output generated by Hyundai’s and Kia’s activities in Europe throughout the economy amounts to €15 billion
- 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.