Hyundai Motor’s brand value rises 14%, achieving No. 1 growth rate in automotive mass market.
Hyundai Motor Company today announced that its Interbrand global brand value rose 14 percent year-over-year to $17.3 billion in 2022, placing it 35th for the second straight year while marking its eighth consecutive year among the top 40 brands. This marked the fastest growth among automotive mass market brands, excluding luxury/premium.
The key factors in Interbrand’s positive appraisal of Hyundai Motor include the company’s strategic focus on electric vehicles (EVs), expansion of its future mobility vision into metamobility and its proactive ESG management - all underlining its future-proof business feasibility and competitiveness compared to other automotive brands during a major paradigm shift in the industry.
Leading the EV market with cutting-edge technologies and eye-catching designs
Hyundai’s growing IONIQ lineup is widely acknowledged for bringing innovative technologies and exciting designs to the increasingly competitive EV segment. Launched in 2021, IONIQ 5 established Hyundai Motor’s design and technology direction for future EVs. In turn, it won numerous awards, including the prestigious 2022 World Car of the Year, beating high-performance and luxury models.
In 2022, Hyundai Motor introduced IONIQ 6 ‘Electrified Streamliner,’ attracting the keen interest of consumers and critics alike with its unique styling, extended driving range and innovative interior.
Under its dedicated EV brand, Hyundai Motor will leverage its industry-leading manufacturing know-how to add the IONIQ 7 all-electric SUV in 2024 in response to fast-growing market demand and continue building its leadership position in the EV segment.
Expanding future mobility vision and technological advancement
At Hyundai Motor’s CES 2022 pavilion, which won a Grand Prize at the 2022 Red Dot Award, the company showed how its robotics business will drive the paradigm shift towards future mobility, going beyond the traditional means of transportation to fulfill unlimited freedom of movement for humankind.
At CES 2022, the company envisioned that the distinctions between future mobilities will be blurred through the further development of robotics technology, such as AI and autonomous driving. Diverse mobilities, including automobiles, robotics and urban air mobility (UAM) will also serve as smart devices for access to the metaverse platform.
In support of its future mobility vision, the company revealed its ‘Metamobility’ concept, with the goal of pioneering a smart device-metaverse connection that will expand the role of mobility to virtual reality (VR), ultimately allowing people to overcome physical limitations. Hyundai Motor also shared its vision of how robots will act as a medium between the real world and virtual spaces, enabling users to make changes in the metaverse to be reflected in reality.
In order to realise metamobility, the company plans to establish a ‘smart factory’ in Singapore by the end of 2022 by forming strategic partnerships with leading companies to establish a platform and prepare a roadmap. By doing so, Hyundai Motor expects to accelerate its transformation into a smart mobility solution provider equipped with a unique mobility ecosystem that advances operational efficiency and promotes manufacturing innovation.
Reinforcing brand reliability and empathy through proactive ESG management
Along with the realisation of eco-friendly and future-centric technologies, Hyundai Motor is enhancing its brand credibility and empathy through proactive environmental, social and governance (ESG) initiatives, such as reinforcing guidelines for improving the working environment in the supply chain.
In recognition of the performance of ESG management activities, the company was included in the Dow Jones Sustainability Index (DJSI) World Index for the first-time last year, which means it reached the top 10 percent of 2,500 global companies by market capitalisation.
“As the automotive industry continues to go through a major paradigm shift, Hyundai Motor will continue striving to transform into a smart mobility leader that not only secures technological prowess through bold investments in the future mobility industry but also fulfills its responsibilities for a better tomorrow for all mankind,” said Jaehoon Chang, President and CEO of Hyundai Motor Company.
The global brand consulting firm Interbrand conducts an annual evaluation of major multinational companies 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.