Shulou(Shulou.com)11/24 Report--

CTOnews.com June 12, South Korea's Hyundai Motor Group recently announced that it will use the reserves of its overseas subsidiaries to ensure the necessary financial resources, such as expanding investment in the domestic electric vehicle sector.

▲ Tuyuan Hyundai Motor website specifically, Hyundai Motor this year plans to increase the dividend of some overseas subsidiaries to 4.6 times that of last year, and will return $5.9 billion (CTOnews.com Note: about 42.067 billion yuan) to South Korea as the main source of domestic investment. The company also said that the overseas subsidiaries involved had good operating results and high overall earnings, including Hyundai Motor USA (HMA), India (HMI), Czech Manufacturing Company (HMMC) and Kia Europe.

Hyundai pointed out that the decision was also influenced by the government's revision of the corporate tax law. In order to encourage domestic investment, the South Korean government has provided a high percentage of tax exemption for the return of dividends to overseas subsidiaries of local enterprises.

Hyundai also confirmed that the dividend would be mainly used to expand domestic electric vehicle capacity in South Korea, such as investing in Hyundai's electric car plant in Ulsan and Kia's two electric car plants in South Korea. At the same time, the funds will also be used for R & D investment, such as research and development of key components and advanced technologies.

Earlier, Hyundai held the opening ceremony of a Kia customized electric vehicle factory in Huacheng, South Korea, in April and announced plans to invest 24 trillion won (currently about 132.48 billion yuan) in the domestic electric vehicle sector by 2030.

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