Press Release: State aid: Commission endorses EUR 111 million aid to Hyundai Motor Manufacturing Czech for a new car manufacturing plant in the Czech Republic

The European Commission has authorised, under the EC Treaty state aid rules, an ad hoc aid of €111 million, that the Czech Government plans to provide to Hyundai Motor Manufacturing Czech for the setting-up of a new passenger car production plant in the Moravia-Silesia region of the Czech Republic. The aid consists of a direct cash grant together with a transfer of land at a reduced price. The aid is combined with other regional aid measures to Hyundai Motor Manufacturing Czech which are granted under already approved aid schemes. The total regional aid package to the beneficiary company amounts to €194.49 million, for an eligible investment cost of €1.148 billion. The Commission considered the aid to be compatible with the state aid rules, based on the Commission’s cohesion policy and in conformity with the conditions for regional aid to large investment projects.