Hyundai has become one of the world’s top five vehicle manufacturers by brand value.
That’s according to Interbrand’s Best Global Brands 2020 survey, which shows Hyundai’s global brand value has risen by one per cent year on year to $14.3bn (circa £11m), putting it ahead of the likes of Tesla and Ford.
It is also ranked 36th overall by the global brand consulting firm, in spite of the economic effect of the pandemic.
This is the sixth consecutive year that it has been listed as one of Interbrand’s top 40 global companies.
Hyundai entered the ranks of the top 100 companies in terms of brand value in 2005, staying in the top 100 for 15 consecutive years.
Mike Rocha, Interbrand brand valuation global director, said: ‘Hyundai Motor Company’s brand value rise can be attributed to its substantial expansion of future mobility business and continuous investments in its brand, such as the announcement of its dedicated electric vehicle brand Ioniq.
‘We have positively valued the company’s active and proactive approach to the market changes as a sustainable brand, encompassing its expansion of online sales channels, rapid response to social contribution activities and actual increase in sales of battery electric and fuel-cell electric vehicles.’
Hyundai has said that it will be bringing in three new dedicated models under the Ioniq EV brand over the next four years, with more to follow.
Wonhong Cho, global chief marketing officer of Hyundai Motor Company, said: ‘We’ve adapted to rapidly evolving market conditions to become a leader in future mobility.
‘We’ve also been agile in responding to unexpected factors, such as those caused by the pandemic.
‘We will continue to strive to provide better life experiences to our customers and all of humanity, and establish ourselves as a brand contributing to human happiness.’
Interbrand says each brand’s present value is arrived at after a comprehensive assessment of its fiscal and marketing operations. These are then used to work out its future revenue.