Hyundai has worked to increase its brand value since Chairman Mong-Ku Chung established the company's brand management philosophy in 2005.
Hyundai Motor Named ‘The Fastest Growing Automotive Brand’ for Second Straight Year
- Ranking up four spots from 2010 to No. 61 among 100 Best Global Brands, according to brand consultancy Interbrand
- Brand value estimated at $6 billion, up an industry-best 19.3 percent over 2010
- Award follows Hyundai’s new brand strategy launched in January 2011
- No. 8 among all automakers
SEOUL, - Hyundai Motor Company rose four spots to No. 61 in Interbrand’s “2011 Best 100 Global Brands” ranking released earlier this month, attaining the status of “Fastest Growing Brand.” Interbrand calculated Hyundai’s brand value at $6 billion, a 19.3 percent increase over 2010 and growing faster than all other automakers.
Hyundai’s strong performance stood out during a period of relative weakness for most of the 100 Best Global Brands.
The average growth rate of the 11 automotive brands included in the top 100 was 8.1 percent, while the average growth rate of all 100 Best Global Brands was only 2.6 percent compared to 2010.
The growth of Hyundai’s brand value outstripped that of key competitors, such as Volkswagen (which grew 14 percent) and Audi (13 percent). Hyundai has more than doubled the growth rate of its brand value; prior to 2010, Hyundai’s brand value grew at a rate of 9.3 percent.
The Interbrand rankings are calculated using companies’ financial balance sheets combined with marketing activities, while also reflecting each brand’s potential profit.
Hyundai has worked to increase its brand value since Chairman Mong-Ku Chung established the company’s brand management philosophy in 2005.
Hyundai stepped up its game at the 2011 Detroit Motor Show, when Vice Chairman Eui-Sun Chung launched the company’s new brand concept, announcing Hyundai’s commitment to producing “Modern Premium” vehicles.
Vice Chairman Chung revealed Hyundai’s new slogan, “New Thinking. New Possibilities.” which can be seen in new vehicles such as the Hyundai Veloster, with its unique 1+2 door design, and the Sonata hybrid, the first hybrid to use lighter, smaller lithium-polymer battery technology.
“Such rapid brand growth reflects Hyundai’s ever-improving status in the global market,” said Won Hong Cho, Hyundai’s chief marketing officer. “Going forward, Hyundai will strive to become the most admired automotive brand by providing new experiences and values that exceed expectations in our own unique way.”
Interbrand noted: “Hyundai displayed the most memorable performance continuing from the previous year despite a growth slowdown of global brands.”
The firm continued: “Hyundai’s product competitiveness has been acknowledged by such leading global quality rating agencies such as Consumer Reports and J.D. Power,” adding, “in particular, the launching of the Veloster offered consumers a new idea about cars and showed Hyundai’s unique creativity which has been a key element for the brand’s growth.”
Hyundai’s brand value has steadily increased since it entered the Interbrand Top 100 at No. 84 in 2005 with a value of $3.5 billion.
The announcement of the Top 100 Global Brands will be held at the New York Stock Exchange.
U.K.-based Interbrand is a globally recognized and respected brand consulting firm that carries out annual brand equity value assessments of global top brands to select the Best 100 Global Brands.
Hyundai Auto Canada, established in 1983 and headquartered in Markham Ontario, is a subsidiary of Hyundai Motor Company of Korea. Hyundai vehicles are distributed throughout Canada by Hyundai Auto Canada and are sold and serviced through more than 200 dealerships nationwide.
Items of notes and interest from the web.