Seoul: Hyundai Motor Group generated the largest economic value among major South Korean conglomerates in 2024, contributing more to the national economy than any other business group, industry data showed Thursday.
According to Yonhap News Agency, the automotive group's total economic contribution was tallied at 359.4 trillion won (US$264 billion) last year, marking a 6.1 percent increase from the previous year. This figure encompasses the combined value of payments to employees, partner firms, taxes, and other factors, based on business reports from the top 100 non-financial and non-state-run companies by sales.
Hyundai outpaced other major domestic conglomerates, with its closest competitor posting 247.1 trillion won in total economic contributions. Hyundai's share of economic contributions among the top 100 companies also rose from 21.8 percent in 2023 to 22.3 percent in 2024.
Among the contributions, 306.6 trillion won was allocated to partner companies, 34.1 trillion won to employee wages, 9.3 trillion won to corporate taxes, and 7.6 trillion won to dividends. By individual affiliate, 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.
A group official stated, "We will continue to contribute to the national economy through shared growth with suppliers, value creation for shareholders, high-quality job creation, and social responsibility initiatives."