Hyundai Motor Breaks Through COVID-19, Enters Top 5 Global Car Brand Rankings for the First Time

[Asia Economy Reporter Su-yeon Woo] Hyundai Motor Company has entered the top 5 in the automotive category of the Global 100 Best Brands selected by Interbrand for the first time. While global automotive brands experienced negative growth due to the impact of the novel coronavirus disease (COVID-19), Hyundai was the only brand to see an increase in brand value.

Hyundai Motor announced on the 20th that it ranked 36th overall and 5th in the automotive category in the 2020 Global 100 Best Brands announced by the global brand consulting firm Interbrand.

Interbrand Selected 2020 Global Top 100 Brands Automotive Sector Rankings

Hyundai Motor’s Brand Value Hits $14.3 Billion This Year... 5th in Automotive Industry

According to Interbrand, Hyundai’s brand value recorded $14.3 billion, about a 1% increase compared to last year ($14.1 billion). Despite the severe impact of COVID-19 on the automotive industry, Hyundai was the only company to achieve brand value growth this year, climbing one rank to 5th place compared to the previous year. Kia ranked 13th.

Hyundai first entered the Global 100 Best Brands ranking in 2005, placing 84th overall and 9th in the automotive category. Since then, it has shown remarkable growth, climbing 48 places in the overall ranking and increasing its brand value by $10.8 billion up to this year.

In the automotive category, Hyundai surpassed strong competitors such as Tesla, Audi, Volkswagen, and Porsche to reach 5th place. The industry rankings this year were led by Toyota in 1st place, Mercedes-Benz in 2nd, BMW in 3rd, and Honda in 4th.

An Interbrand official commented, "Hyundai received high evaluations for its dedicated electric vehicle brand 'IONIQ' and the full-scale expansion of its future mobility business along with continuous investment in the brand." They added, "In the COVID-19 situation, Hyundai’s expansion of online sales channels, response to social contribution activities, and substantial sales growth of electric and hydrogen vehicles demonstrated an impressive proactive adaptation to market changes as a sustainable brand."

Hyundai Motor Company collaborated with BTS to create the brand song "IONIQ: I'm on it" for IONIQ, its electric vehicle-exclusive brand launched last August. Photo by Hyundai Motor Company

Highly Rated for Expanding Global Eco-Friendly Vehicle Market Share and Leading Mobility Market

Recently, Hyundai has been standing out in the global eco-friendly vehicle market. It recorded sales of over 60,000 electric vehicles this year, achieving a high market share in the global electric vehicle market. In August, Hyundai launched its dedicated electric vehicle brand IONIQ and announced plans to release three dedicated electric vehicles by 2024. Additionally, Hyundai strengthened its competitiveness in the eco-friendly sector by achieving tangible business results in future mobility, such as signing the world’s first hydrogen truck 'Xcient' supply contract with the Swiss government.

Alongside this, Hyundai proposed an innovative mobility paradigm through its Urban Air Mobility (UAM) business and enhanced its competitiveness in future mobility sectors such as robotics and autonomous driving. It is also intensifying proactive efforts to lead the mobility market by collaborating on open innovation labs and research and development (R&D) with various countries overseas.

Hyundai’s swift response during the COVID-19 crisis was also cited as a reason for the high evaluation in this brand value assessment. In a situation where face-to-face communication was difficult, Hyundai diversified customer touchpoints by expanding non-face-to-face online sales channels. Hyundai’s online purchase platform 'Click to Buy' achieved 1.5 million cumulative visitors in India, and over 95% of local dealers in the United States use the platform, making it widely utilized globally.

Moreover, Hyundai has carried out various global social contribution activities to support customers struggling due to the spread of COVID-19. It has provided dedicated vehicles for hygiene supplies, patient and medical staff transportation, and offered various financial and service benefits to Hyundai customers, sparing no comprehensive support.

Meanwhile, Interbrand, a globally renowned brand consulting firm, conducts annual evaluations of the value of major global brands and announces the 'Global 100 Best Brands.' The value of each brand is calculated by comprehensively measuring financial status and marketing aspects, evaluating the present value of future expected earnings generated by each brand.