Hyundai: Tomorrow's Toyota?
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Code : COM0051
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Region : South Korea
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Introduction:'Hyundai Motor Co.' (Hyundai) has been the star improver in J.D. Power and Associates' (J.D. Power) '2004 Initial Quality Study' (IQS). In 2004, Hyundai tied up with Honda for the second spot – an improvement of eight places over 2003. Where the industry average of PP 100 (Problems per 100 new cars) in 2004 was 119, Hyundai registered 102 problems, equaling that of Honda and falling behind Toyota by just one point. Hyundai's rubbing shoulders with Toyota and Honda on quality parameters was a commendable achievement for a brand that had never featured in any quality-rating table a decade ago. "Five years ago, a joke making the rounds in the auto industry and among car buyers was: How do you double the value of a Hyundai? Fill the gas tank. That punch line no longer works". The company succeeded in transforming its brand image, as Business Week wrote - "Hyundai has gone from a late-night talk show joke to a value-priced alternative to Japanese sedans and sport-utility vehicles". With improvement in its quality, Hyundai's sales surged in the US market. While Hyundai sold 90,217 cars in 1998, the tally was 400,000 units in 2003. Hyundai's market share in the global market also increased substantially... |
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