Hyundai Motor Company, a leading multinational automotive manufacturer, has seen its brand value exceed $10 billion for the first time, according to Interbrand’s Best Global Brands 2014 report.

Fueled by the successful launch of the new Genesis and Sonata, as well as the implementation of its ‘Modern Premium’ brand direction, the company has witnessed its brand value post another two-digit growth in 2014.

Hyundai has been included in Interbrand’s Best 100 Global Brands for 10 consecutive years, and this year’s figure represents a 16 per cent increase from last year’s $9 billion value and a nearly 200 per cent jump from its $3.5 billion value in 2005.
 
“Hyundai is one of the fastest growing automotive brands in terms of both volume and brand value,” Interbrand said in a statement.

“Hyundai makes unique convenience features available across a broader range of vehicles to enhance driving experience and customer satisfaction,” it stated.

“As a result of these efforts, brand awareness of product attributes like design, and the kind of brand loyalty that comes from an emotional connection are becoming key drivers over price,” it added.
 
Hyundai’s brand value ranking which rose three notches to reach the top global 40 ranking for the first time this year, is due to building a loyal fan base through continued enhancements in its product line-up, including innovative eco-friendly products such as the world’s first assembly-line produced ix35 Fuel Cell vehicle.
 
The company’s active involvement in high-profile sports marketing activities with UEFA, FIFA, and the World Rally Championship also continue.

In Korea, the automaker opened its first brand experience space, Hyundai Motorstudio, while a second one is scheduled to open in Moscow later this year.
 
Hyundai’s ranking has risen 44 places since 2005, when it first announced its shift to brand management.

The Korean automaker’s brand value has also increased an average of 20 per cent each year after the company introduced its new ‘Modern Premium’ brand direction in 2011.
 
Won Hong Cho, chief marketing officer, Hyundai Motors, said: “We’re implementing a wide variety of brand-related activities that aren’t simply focused on increasing sales, but are aimed at becoming a brand that our customers genuinely love.”

 “We will continue to invest in our brand, by providing Hyundai Motor’s unique premium experience in all aspects of the customer’s journey with our brand,” he added.
 
The Interbrand rankings are calculated using companies’ financial balance sheets combined with marketing activities, while also reflecting each brand’s potential profit. – TradeArabia News Service