You know I am not a big Hyundai fan, even since the days of the Cheap and Cheerful Hyundai Excel and then the Accent, the whole gutless but still cheap image never worked for me, besides every time I sat in a Hyundai, corners became a life changing event. Nonetheless, things have changed a little bit in the last few years, much like the 80s when Japanese cars were seen as cheap and unreliable but are now looked upon as setting new standards, Korean car manufacturer Hyundai Motor Co. has emerged as one of the world’s leading brands ranking 75th overall, according to the 2006 Best Global Brands survey jointly conducted by Interbrand.
Since 2005 Hyundai’s brand value has increased some 17 percent and hence has earned the Korean automaker the title of fastest growing automotive brand and a place among the top five biggest gainers in brand value. Last year, in its debut appearance on the Best Global Brands list, Hyundai ranked 84th. The Hyundai brand is valued at $4.1 billion, the power of the Hyundai brand on a global basis now surpasses several competitors.
“This survey tells us what many people already know: That Hyundai is a fast-rising star,” said Hyundai’s Vice President for brand strategy, Brandon Yea. “Our brand management is supported by continuous improvement in the quality of our products,” he added.
Global reports suggest that public perceptions of the Hyundai brand have been transformed as a result of dramatic improvements in the quality of Hyundai vehicles. Nevertheless, I, like many other young Australians still have that horrible feel of the Excel in my mind. Perhaps I should go and drive one of the new Hyundais? Maybe the Tiburon? Hmm..
The rankings and brand value statistics
Hyundai Motor Co was established in 1967 and with the purchase of Kia has been renamed to the Hyundai-Kia Automotive Group which in 2005 sold 3.7 million vehicles to rank as the world’s sixth largest automotive manufacturer and includes over two dozen auto-related subsidiaries and affiliates. The company has over 68,000 staff worldwide and sells its vehicles in 193 countries through some 5000 dealerships and showrooms.