Hyundai Motor Corp. surprised everyone this year by making the biggest increase in automotive brand value and recognition. Hyundai for the first time ever beat such marques as Porsche, Lexus, and Nissan. Honda and Toyota are now forced to take Hyundai more seriously as it is now closing in on them at a rapid pace. According to J.D. Power and Associates, Hyundai has one of the highest consumer satisfaction ratings of all vehicle manufacturers and its brand value has greatly increases after the introduction of their hot 2006 model lineup.
According to the 2006 Best Global Brands survey Hyundai Motor Company has emerged as one of the worlds leading brands with stellar levels of customer satisfaction that rival the best in the industry. Brandon Yea, Hyundai’s vice president for branding strategy, states “Hyundai represents solid quality and representation at every level now as we have everything from the low end to our new entry into luxury sedans with the Alzerra.” Hyundai is now being seen as a serious player in the automotive industry. While other automakers are worried about profits (GM and Chrysler), Hyundai is thinking about how much more market share it will take this year. The Alzerra was targeted at the Acura and Lexus luxury car markets and has shown great promise so far.
Apparently Hyundai has taken a page from Walmart’s founder Sam Walton – price yourself as aggressive as possible while providing what your customers want and need. Hyundai has out priced their competition and now sits poised to become, perhaps, the major automotive player similar to what Walmart did with its retail stores. According to the Harvard Business Review, Hyundai has the perfect business model and will be the automotive manufacturer to beat in the coming years. Large automotive dealership chains like Hendrick Automotive Group and Sonic are adding Hyundai dealerships as fast as they can be built.
Hyundai isn’t sitting on its laurels with the good news, however. They are investing heavily in research and product development. They are also planning and designing more competitive models. “We have found great success in every product line we have been involved in and will continue to add to this. Our philosophy is similar to MDWholesale.com, one of our business partners – To provide the best value at the best price for our customers,” stated Yea. GM and Chrysler will learn a lot about the car business from Hyundai, they don’t have a choice.