Hyundai Motor’s Brand Value Rose by 18% to $20.4 Billion

Hyundai Motor Group has recorded an 18% increase in its brand valuation, now totaling at $20.4 billion

South Korean automotive giant Hyundai Motor Group has raised its brand value by 18% this year, totaling $20.4 billion (RM95.48 billion). This stellar rise also marks the thirteenth consecutive year the automaker has recorded a rise in its brand value – a streak that started way back in 2011.

According to Interbrand’s ‘Best Global Brands 2023’ top 100 list, this valuation increase also puts Hyundai Motor in the 32nd rank of the list, three ranks higher than its position last year. Ever since its entry in this ‘Best Global Brands’ list back in 2005, Hyundai Motor’s valuation has multiplied by nearly six times, with its initial valuation back then capped at $3.5 billion.

Before reaching its current valuation, the firm previously reached the $10 billion mark back in 2014, following the appointment of Euisun Chung as the group’s executive chairman. Since then, Hyundai Motor’s brand value has increased by $6 billion in merely three years.

Hyundai Motor Group Executive Chairman Euisun Chung (right)

The Korean automaker credited Euisun Chung’s contributions as part of the reasons for its recent successes and this year’s stellar brand value, with the current chairman playing a pivotal role in guiding the company’s strategic direction as a Smart Mobility Solutions Provider.

Meanwhile, Interbrand attributed its positive assessment of Hyundai Motor to the firm’s rapid and comprehensive push for electromobility, with the Korean automaker now standing as one of the biggest proponents of this new technology amongst other legacy automakers.

Hyundai Ioniq 5 (left) & Ioniq 6 (right) EVs

Spearheading Hyundai Motor’s rapid electromobility adoption are the marque’s first two retro-futuristic EVs, the Ioniq 5 and Ioniq 6, which also happened to be the back-to-back winners of the World Car Awards in 2022 and 2023, respectively. To keep this momentum going for years to come, Hyundai is planning to launch a new flagship EV SUV model next year, which will reportedly be part of the Ioniq series.

More importantly, Hyundai also has a very big and ambitious plan in expanding its electromobility venture. Known as the ‘Hyundai Motor Way’, this new EV roadmap will see Hyundai Motor launching at least 13 new EV models by the end of the decade – all using its new IMA all-electric platform, which will replace the current E-GMP architecture. Additionally, these 13 new EVs will be spread across the firm’s three main brands – Hyundai, Kia, and Genesis.

Hyundai Motor Group's new Innovation Centre in Singapore

In order to help Hyundai achieve its decade-end target, the firm is also planning to build new dedicated EV production facilities across the globe, with the first one set to be opened in 2024 in Georgia, USA. Aside from that, Hyundai has also opened a new Innovation Centre located in Singapore, where this new facility will focus on testing new production methods that will help boost its production capacity in the future.