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The fact that the major Japanese automakers see Hyundai Motor as a major global threat as they lose market share globally in response to the Korean company’s rapid sales and production growth, its focus on high quality and aggressive decision making power, US based Fortune magazine reported in its recent edition.
The shining success story of Hyundai in the global market featured in a 10-page cover article in the global business magazine’s January 18 2010 edition, describing Hyundai as “the toughest car company of them all”.
Fortune quoted statistics that position the Korean automaker as delivering the fastest growth of any auto manufacturer in the world and they believe that Hyundai is the number one threat to its once unassailable Japanese competitors.
“Toyota used to say that Hyundai was the company it feared most. Today those fears have grown into a nightmare,” the magazine said as Toyota’s global recall programme continued to widen.
“Hyundai Speed” has demonstrated Hyundai’s ability by delivering the new Sonata model ahead of schedule in the North American market, while other major manufacturers were still struggling with production schedules, rising costs and an erratic parts supply.
“These days Hyundai could get ticketed for exceeding the limit,” Fortune said.
Fortune drew focus onto the management philosophy of Hyundai’s chairman, noting that chairman Chung Mong-koo has switched the focus of the company from volume to high quality since taking over the reins of the company from his father in 1999.
A clear and single-minded focus on technology-based management strategy and continuous investment by the chairman have contributed to Hyundai’s rise. “The Korean carmaker is speeding to the head of the pack with a focus on quality and a push into the luxury-car game,” the author quoted.
Hyundai saw sales increase significantly in the US market, while other American and Japanese competitors struggled due to Global Financial Crisis. According to the latest vehicle registration figures out of the US, Hyundai sold 435,064 vehicles last year, an 8.3 per cent increase from a year earlier.
This strong performance in the US market is the direct result of Hyundai’s their enhanced brand image, boosted by Hyundai’s Genesis Sedans, the launch of the new Sonata and the ground breaking replacement vehicle for the popular Tucson SUV - due for PNG release in May 2010. On top of the new models analysts also cite the successful Hyundai assurance programmes that provide trade-in bonuses, industry leading warranties and an innovative gas price protection programme.
Fortune concludes by saying... “from now on even the Mercedes and BMWs of this world have to pay attention to what Hyundai are doing.”
For more on this story...
http://money.cnn.com/video/fortune/2009/12/29/f_hyundai_success_story.fortune/
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