Hyundai Motor Company rose four spots to No. 61 in the Interbrand “2011 Best 100 Global Brands” ranking released this week. Hyundai was recognised as being the “Fastest growing Brand” for a second straight year. Interbrand calculated Hyundai’s brand value at US$6 billion, a 19.3 percent increase over 2010, achieving the highest increase among automakers.
Hyundai stood out amongst the automotive industry’s strong performers, which came 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 key competitors, such as Volkswagen (which grew 14 percent) and Audi (13 percent).
The Interbrand rankings are calculated using companies’ financial balance sheets combined with brand marketing activities, reflecting each brand’s potential profit.
Hyundai Motor Company has worked to increase its brand value significantly since Chairman Mong-Ku Chung established the company‘s brand management philosophy in 2005.
At the 2011 Detroit motor show, 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 is captured in new vehicles such as the Hyundai i40 Tourer and Veloster, with its unique 1+2 door design.
“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 brand most adored by more customers through providing new experiences and values that exceed expectations in our own unique way.”
Interbrand said: “Hyundai displayed the most memorable performance continuing from the previous year despite a growth slowdown of global brands.”
The company 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 US $3.5 billion.
Interbrand is a globally recognised 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 Motor Company Australia
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