Hyundai has maintained its position as one of the world’s 40 most valuable brands for the third year in a row, according to the latest Best Global Brands report from international consultancy Interbrand.
The carmaker retained its place as the world’s 35th most valuable brand and sixth most valuable automotive brand, despite challenging conditions in many global markets, according to a press statement issued in Doha by Skyline Automotive, official distribution partner of Hyundai Motor Company for Qatar. Interbrand’s rankings are calculated using companies’ financial balance sheets combined with marketing activities, while also reflecting each brand’s potential profit. The analysis assessed Hyundai’s brand value as growing to $13.2bn for 2017 – a 5.1% increase on the previous year. The ranking comes after Hyundai sold 4.86mn units annually worldwide.
This follows a “period of exponential growth” for South Korea’s leading automotive manufacturer that has seen a fourfold increase in brand value since 2005, rising from $3.5bn to its current record value, the statement notes. “Our brand philosophy and blueprint for future mobility has resulted in the rise of our brand value and, in addition to quality, technology and price, our creativity and innovation will lead us to achieve sustainable brand growth in the future,” said Wonhong Cho, chief marketing officer at Hyundai Motor Company.
“A key element of Hyundai Motor’s sustainable growth in brand value was its ongoing commitment to the development of its vision for ‘Future Mobility’, in spite of tough market conditions,” said Mike Rocha, global director of Brand Valuation for Interbrand. In addition to maintaining its reputation for the highest quality, Hyundai also strengthened its global product portfolio, including the new-generation Azera and significant upgrades to the Sonata, both available in Africa and the Middle East and featuring the latest evolution of Hyundai’s unified design language.
Internationally, the company unveiled the Kona premium compact SUV and the i30N, the first model of the company’s high-performance N lineup.
During the past year, Hyundai also set out its blueprint to move into new automotive spaces, which incorporates the launch of 15 eco-friendly vehicles by 2020. The company is also advancing its research into affordable autonomous driving and connectivity technologies, through its future-focused Project IONIQ and open-innovation collaborations with external parties.
“Hyundai is adding excitement to our brand, both for the products we have now and for those we will be bringing to the market in the future,” said Mike Song, Hyundai’s head of operations for Africa and the Middle East.