ASIA NEWS NETWORK
WE KNOW ASIA BETTER
Hyundai outstrips Audi, Porsche in brand value
Publication Date : 15-01-2013
In 2005, Hyundai Motor Co., the flagship of Hyundai Motor Group, came into the spotlight in the global arena when it was included on the list of the world’s 100 most valuable brands for the first time. Interbrand, the US-based management consultancy, ranked the Korean carmaker 84th among enterprises worldwide that year.
Hyundai Motor saw its yearly ranking assessed by Interbrand continue to climb - to 75th in 2006, 72nd in 2008, 65th in 2010 and 53rd in 2012.
Among automotive brands, the company grabbed the No. 7 position, after maintaining the No. 8 between 2006 and 2011.
Though Hyundai lagged behind companies such as Toyota Motor (10th overall and No. 1 among auto brands), Mercedes-Benz (11th and No. 2) and BMW (12th and No. 3), it outpaced Audi (55th), Porsche (72nd), Nissan (73rd) and Ferrari (99th).
The consulting agency assessed Hyundai Motor’s brand value at US$7.5 billion, a surge from $3.5 billion in 2005.
Automobile industry insiders share the view that public perception of the Hyundai brand has been transformed in recent years as a result of dramatic improvements in the quality of company’s vehicles.
“Hyundai has become an emerging concern, if not the envy, of its global rivals,” Interbrand said in a statement.
It said the desired result would be getting consumers to talk more favorably about Hyundai for reasons other than value, prompting them to make more of an emotional purchase.
The automaker’s model lineup involves the Equus, Genesis, Grandeur, Sonata, Avante, Santa Fe, Tucson, Veloster, i40 and i30, while the company is recently pouring huge funds into development of eco-friendly vehicles.
In late 2012, the flagship Equus sedan took first place in the luxury car segment in the 16th annual Strategic Vision Total Value Awards in the US The model beat out competitors including the Mercedes-Benz CLS, the Audi A8 and the Jaguar XJ.
While Strategic Vision’s Total Value Index reflects all aspects of perceived value - from quality, to economics to customer appeal - the Equus also received the award for Best Model and the automaker’s Sonata sedan scored top marks for medium cars.
In addition, Hyundai Motor ranked second overall in total value.
“Hyundai has increased its Innovation Factor Score by 20 points since 2008,” said Strategic Vision president Alexander Edwards.
Meanwhile, the company has emerged as a provider of high-end technologies.
It is expanding its business collaboration with Scandinavian countries to boost the carmaker’s supply of environmentally friendly vehicles.
Hyundai is moving to provide the countries - Sweden, Norway, Denmark and Iceland - with hydrogen fuel cell vehicles.
In 2011, Hyundai signed a deal with German organisations to take part in the European nation’s government-led Clean Energy Partnership.
Under the agreement, the company is mapping out details to supply hydrogen fuel cell vehicles to the German government’s hydrogen automobile project.
Last March, Hyundai and its affiliate Kia were named the most fuel efficient and environmentally friendly carmakers by the US Environmental Protection Agency, outperforming rivals such as Toyota Motor.