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Hyundai Motor Named 'The Fastest Growing Automotive Brand' For Second Straight Year

2011.10.04 00:00:00 No. 1048

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 today, attaining the status of “Fastest growing Brand.” Interbrand calculated Hyundai’s brand value at $6 billion, a 19.3 percent increase over 2010, tops among automakers.

 

Hyundai stood out among automotive industry’s strong performance that 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 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 the lighter, smaller lithium-polymer battery.

 

“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 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.

 

 

  Automotive Category Brands Ranking

 

Rank within category

Brand

Brand value
($100 million)

Ranking within 2011 rankings

2010 ranking

 

YoY change

 

category ranking

1

Toyota

278

+6.0%

11

11

1

2

Mercedes

274

+9.0%

12

12

2

3

BMW

246

+10.0%

15

15

3

4

Honda

194

+5.0%

19

20

4

5

VW

79

+14.0%

47

53

6

6

Ford

75

+4.0%

50

50

5

7

Audi

62

+13.0%

59

63

7

8

Hyundai

60

+19.3%

61

65

8

9

Porsche

46

+4.0%

72

72

9

10

Nissan

38

new

90

-

-

11

Ferrari

36

+0.8%

99

91

10

 

 

 

Hyundai Motor Company’s Brand Ranking (‘05~‘11)

 

Year

Brand value ($100 million)

Ranking within top 100

2005

34.8

84

2006

40.8

75

2007

44.5

72

2008

48.5

72

2009

46.0

69

2010

50.3

65

2011

60

61

 

 

 

Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group which was ranked as the world’s fifth-largest automaker since 2007 and includes over two dozen auto-related subsidiaries and affiliates. Employing over 75,000 people worldwide, Hyundai Motor sold approximately 3.6 million vehicles globally in 2010, posting sales of US$41.8 billion (including overseas plants, using the average currency exchange rate of 1,276 won per US dollar). Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms. Further information about Hyundai Motor and its products are available at www.hyundai.com.

 

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.

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