Czech Republic: the European Commission approved the government help to Hyundai in order to build a new factory

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14 May 2007 à 10h06

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Publication: 14 May 2007 à 10h06

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The DG Competition, allowed a Czech governmental help amounting to 111 million euros in favour of Hyundai Motor Manufacturing Czech to build a new factory producing private cars. This operation comes in line with a larger plan which should translate in the creation of 4,400 jobs by 2011. (Ref. 070426)
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The Commission ruled that the help granted by the Czech government, composed of an immediate bonus and of a cheap property transfer, was in accordance with competition regulations. This help completes other regional aids for Hyundai Motor Manufacturing Czech (Hyundai Motor’s subsidiary,) granted as part of help systems that were already approved. The total regional help granted to Hyundai amounts to 194.49 million euros and is aiming at favoring economic development in some of the EU’s disadvan

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