ELECTRIFICATION and future mobility have raised the brand value of Hyundai Motor company to $US20.4 billion ($A31b), lifting it to 32nd place on the Interbrand ‘Best Global Brands 2023’ list.

The increase, Hyundai’s 13th consecutive rise, is the third biggest increase of year-over-year valuation of the 100 brands on the list.

In 2014, Hyundai Motor’s brand value reached $US10 billion ($A15.3b), and for the first six years, its valuation rose by $US4 billion ($A6.1b). 

However, following Euisun Chung’s appointment as Hyundai Motor Group’s executive chair, its valuation has increased $US6 billion ($A9.2b) in only three years. 

Since its entry in Interbrand’s ‘Best Global Brands’ in 2005 with a valuation of $US3.5 billion ($A5.3b), the numbers have multiplied nearly six times.

Interbrand said that Hyundai Motor’s accelerated success could be attributed, in part, to the leadership of the top management team led by Mr Chung. 

Euisun Chung

Management was also attributed as guiding the company’s strategic direction as a ‘smart mobility solutions provider’ in alignment with its vision of ‘Progress for Humanity’ and a  progressive approach to innovation, technology and product development. 

Hyundai Motor Company’s senior vice president and global chief marketing officer, Sungwon Jee, said: “As the automotive industry undergoes a transformation, Hyundai Motor is exploring future mobility solutions to respond to fast-changing consumer needs.”

“We are committed to a better future for all of humanity.”

Interbrand 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 activities around the brand’s vision. 

“Hyundai Motor Company is making big strides in forwarding its vision of ‘Progress for Humanity’ through the Ioniq brand,” said an Interbrand 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.”

It said that 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.

Hyundai Motor aims to sustain this momentum, meeting market expectations with the launch of a large flagship electric SUV in 2024. 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 Motor has pursued various technology innovations through strategic partnerships. 

The company’s commitment to future mobility is highlighted by plans to launch an Ioniq 5 robotaxi service in the U.S.

Furthering its dedication to human-friendly robotic solutions, Hyundai Motor is actively fostering a value chain through collaborations with its Robotics Lab, Boston Dynamics and the latter firm’s AI Institute in Cambridge, Massachusetts. 

The company is also leveraging the capabilities of Hyundai Motor Group affiliates to establish a comprehensive hydrogen value chain.

Hyundai Motor is also turning its attention to people-centric sustainability, equality and inclusion that resonate with consumers. 

Activities like the Healthy Seas campaign, using ocean waste for Ioniq 5 interiors, and participation in FIFA World Cups underscore its commitment to these values. 

Participation in Hope on Wheels and the UNDP for Tomorrow campaigns, further reinforce the brand’s dedication to making a positive impact.

Interbrand added that Hyundai Motor’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,” it said.

“This growth contributed to its third-place ranking in global sales along with substantial gains in profit and revenue, including a 21.2 per cent rise in annual revenue, a 47 per cent rise in annual operating profit, and a year-over-year net profit surge of over 40 per cent in 2022.”