Hyundai Lands Global Best Brand Award For 2023

Mobility Outlook Bureau
21 Nov 2023
02:29 PM
2 Min Read

Brand value zooms to $20.4 billion


The brand value of Hyundai Motor Company, South Korean automobile giant, has risen to $20.4 billion. Hyundai has become the Interbrand Best Global Brand in 2023. Hyundai has seen its brand value rise for the 13th year in succession.

The company’s brand rank rose from 35th to 32nd — the first increase in rank since 2016, due, in part, to its accelerated electrification and future mobility vision, said a release.

In 2014, Hyundai Motor’s brand value reached USD10 billion. However, following the appointment of Euisun Chung as Hyundai Motor Group’s Executive Chair, its valuation increased $6 billion in merely three years. Ever since its entry in Inter-brand’s ‘Best Global Brands’ in 2005 with a valuation of $3.5 billion, the numbers have multiplied nearly six times.

The accelerated success of the company can be attributed, in part, to the leadership of the top management team led by Executive Chair Chung. It has played a pivotal role in guiding the company’s strategic direction as a Smart Mobility Solutions Provider in alignment with its vision of ‘Progress for Humanity.’ The driving force behind this transformation is the company’s progressive approach to innovation, technology and product development.

“As the automotive industry undergoes a transformation, Hyundai Motor is exploring future mobility solutions to respond to fast-changing consumer needs,” said Sungwon Jee, Senior Vice-President and Global Chief Marketing Officer at Hyundai Motor Company. “We are committed to a better future for all of humanity,” he added.

Positive View

Inter-brand attributed its positive assessment of Hyundai Motor to the company’s agile response to the electrification transition, its leadership in the future mobility paradigm shift and its sincere activities around the brand’s vision of ‘Progress for Humanity.’

“Hyundai Motor Company is making big strides in forwarding its vision of ‘Progress for Humanity’ through the IONIQ brand,” said an Inter-brand representative. “Hyundai continues to impress with its authentic communication regarding core human values such as sustainability. We look forward to the company’s growth in the evolving automotive industry,” he added.

Moving With Agility

Hyundai Motor is navigating the automotive industry’s electrification revolution with agility, grounded in its heritage project’s commitment to finding its ‘future from its origin.’ The brand’s dedication to innovation is exemplified by its first two retro-futuristic EVs - IONIQ 5 and IONIQ 6 — the back-to-back winners of a trio of World Car Awards in 2022 and 2023.

The company also is exploring the potential of hydrogen high-performance vehicles through N Vision 74, inheriting the design and spirit of the Pony Coupe.

Since declaring its status as a ‘Smart Mobility Solutions Provider’ in 2020, Hyundai has pursued various technology innovations through strategic partnerships. The company’s commitment to future mobility is exemplified by plans to launch an IONIQ 5 robotaxi service in the U.S.

Hyundai is also actively fostering a value chain through collaborations with its Robotics Lab, Boston Dynamics.The company is also leveraging the capabilities of Hyundai Group affiliates to establish a comprehensive hydrogen value chain.

Hyundai Motor is turning its brand vision into tangible outcomes through initiatives that highlight people-centred sustainability, equality and inclusion that resonate with consumers. Hyundai’s brand strength and sales have significantly increased in North America and Europe. India also witnessed a notable rise in the company’s brand value, attributed to its reputation for style and innovation. This growth contributed to its third-place ranking in global sales along with substantial gains in profit and revenue, including a 21.2% rise in annual revenue, a 47% rise in annual operating profit and a year-over-year net profit surge of over 40% in 2022.

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