How Did Hyundai Motor Group Lead in Economic Contribution?
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Synopsis
Discover how Hyundai Motor Group achieved the highest economic contribution among South Korea's conglomerates in 2024. With over 359 trillion won generated, the automotive giant not only surpassed its competitors but also committed to fostering national growth through innovative strategies and social responsibility initiatives.
Key Takeaways
- Hyundai Motor Group tops the economic contribution rankings in South Korea for 2024.
- Total economic contribution reached 359.4 trillion won.
- Significant growth of 6.1 percent from the previous year.
- Hyundai's share of top 100 companies' contributions increased to 22.3 percent.
- Focus on social responsibility and job creation.
Seoul, June 26 (NationPress) In 2024, Hyundai Motor Group emerged as the leading contributor to South Korea's economy among the nation's major conglomerates, surpassing all competitors, as indicated by recent industry data released on Thursday.
The automotive giant's total economic impact was calculated at 359.4 trillion won (approximately $264 billion) last year, marking a 6.1 percent increase from the previous year, according to data from CEO Score, as reported by Yonhap news agency.
This figure accounts for the aggregated value of payments made to employees, partner firms, taxes, and other contributions, based on business performance reports from the top 100 non-financial and non-state-run companies ranked by sales.
Hyundai outperformed all other significant domestic conglomerates, with the closest rival reporting a total economic contribution of 247.1 trillion won.
The group's economic contributions among the top 100 companies also saw an increase, rising from 21.8 percent in 2023 to 22.3 percent in 2024, according to the data.
Out of the total contribution, 306.6 trillion won was allocated to partner companies, 34.1 trillion won for employee wages, 9.3 trillion won for corporate taxes, and 7.6 trillion won for dividends.
Looking at individual contributions, Hyundai Motor Co. contributed 115.2 trillion won, followed by Kia Corp. with 86.6 trillion won, and Hyundai Mobis Co. with 52.2 trillion won.
"We are committed to fostering the national economy through collaborative growth with our suppliers, enhancing shareholder value, creating high-quality jobs, and engaging in social responsibility initiatives," stated a group official.
Meanwhile, South Korea's financial assets in the United States reached record levels last year, driven by increased investments in the U.S. stock market and a sustained upward trend on Wall Street, as highlighted in a report from the central bank on Thursday.
The Bank of Korea (BOK) reported that the total value of financial assets held by South Korean individuals and companies in the U.S. reached US$962.6 billion at the end of last year, a rise of $158.1 billion from the previous year.
This figure represents the highest total recorded since the compilation of related data began in 2002.
Furthermore, it constituted the largest share of overall overseas financial assets at 45.9 percent, according to the BOK.
Point of View
It is imperative to recognize Hyundai Motor Group's significant contributions to South Korea's economy. Their impressive growth trajectory not only highlights their business acumen but also their commitment to social responsibility and economic development. This aligns with our national interests and showcases the potential for domestic companies to drive economic progress.
NationPress
26/06/2025
Frequently Asked Questions
What was Hyundai Motor Group's economic contribution in 2024?
Hyundai Motor Group's economic contribution in 2024 was 359.4 trillion won (approximately $264 billion).
How much did Hyundai contribute to employee wages?
Hyundai allocated 34.1 trillion won towards employee wages in 2024.
What percentage of the economic contributions did Hyundai represent among the top 100 companies?
Hyundai's share of economic contributions increased from 21.8 percent in 2023 to 22.3 percent in 2024.
Which Hyundai affiliate contributed the most?
Hyundai Motor Co. contributed the most, with 115.2 trillion won.
What is the significance of South Korea's financial assets in the U.S.?
South Korean financial assets in the U.S. reached a record high of $962.6 billion, reflecting increased investment opportunities and economic ties.
