The FINANCIAL — Hyundai Motor Company continues to grow its global brand value and stature among automakers, according to Interbrand’s Best Global Brands 2020. The survey shows Hyundai Motor’s global brand value up 1 percent year-on-year to $14.3 billion, ranking fifth among global automotive brands and 36th overall despite recessionary market conditions caused by the COVID-19 pandemic.
Hyundai Motor has listed within Interbrand’s top 40 global companies for six consecutive years. Since entering the ranks of the top 100 companies in terms of brand value in 2005, Hyundai Motor has remained in the top 100 for 15 consecutive years.
“Hyundai Motor Company’s brand value rise can be attributed to its substantial expansion of future mobility business and continuous investments in its brand, such as the announcement of its dedicated electric vehicle brand IONIQ,” said Mike Rocha, Interbrand Brand Valuation Global Director. “We have positively valued the company’s active and proactive approach to the market changes as a sustainable brand, encompassing its expansion of online sales channels, rapid response to social contribution activities and actual increase in sales of battery electric and fuel-cell electric vehicles.”
Hyundai Motor’s commitment to mobility electrification was most recently demonstrated with the launch of its dedicated EV brand IONIQ. Under IONIQ, the company will leverage its industry-leading manufacturing know-how in EVs to introduce three new dedicated models over the next four years with more innovative models to follow. The creation of IONIQ lineup brand is in response to fast-growing market demand and accelerates Hyundai’s plan to lead the global EV market.
Hyundai Motor’s investment in hydrogen fuel cell technology has also bolstered its position in the rapidly changing transportation sector. The company recently delivered the first seven units of the world’s first mass-produced fuel cell electric heavy-duty truck to customers in Switzerland, with a total of 50 hitting the roads there this year. Production capacity for fuel-cell trucks will reach 2,000 units per year by 2021 to support its expansion into Europe, the U.S. and China as demand for clean mobility grows.
The company is striving to solve urban traffic challenges and highlighting an innovative new mobility paradigm via its urban air mobility (UAM) business. To strengthen its competitiveness in robotics, autonomous driving technologies and other future mobility business areas, and to establish itself as a pioneer of future mobility industry, it is signing research and development collaboration schemes with diverse open innovation labs around the world.
“We’ve adapted to rapidly evolving market conditions to become a leader in future mobility and we’ve also been agile in responding to unexpected factors, such as those caused by the pandemic,” said Wonhong Cho, Global Chief Marketing Officer of Hyundai Motor Company. “Based on bold investment and technological competitiveness in the future mobility industry, we will continue to strive to provide better life experiences to our customers and all of humanity, and establish ourselves as a brand contributing to human happiness.”
At the same time, Hyundai has adapted to the COVID-19 pandemic by strengthening its online sales channels worldwide. In particular, the ‘Click to Buy’ option in the U.S. and India is showing great sales results, and the company is developing a similar online sales platform for Europe. As a result, the brand has welcomed 1.5 million cumulative virtual visitors, received 20,000 sales inquiries and made more than 2,000 sales through its Click to Buy platform in India. In the U.S., more than 95 percent of local dealers are using the Click to Buy platform.
Also in response to COVID-19 conditions, Hyundai Motor has carried out various social contribution activities for customers who are suffering from the aftermath of the pandemic around the world. The company has provided vehicle support for hygiene products, transportation of patients and medical personnel, and various financial and service benefits for its customers.
These activities helped Hyundai Motor become the only automotive company on the list to see its brand value rise this year. As a result, the company’s ranking on the list rose by one spot from last year to fifth among global automotive companies.
The global brand consulting firm Interbrand conducts an annual evaluation of major multinational brands to release its Best Global Brands rankings. Each brand’s present value is arrived at following a comprehensive assessment of its fiscal and marketing operations, which are used to calculate its future revenue.