Business Case Study: Hyundai
Business Case Study: Hyundai - A case study in automotive success
Hyundai, a motor company founded by Chung Ju-yung in 1967, is a leading multinational automotive industry. It has made a name for itself as a significant force in the worldwide auto market. The company’s first project was the "Cortina,” launched in partnership with Ford. "Pony," on the other hand, was their first self-designed model and was introduced in 1975, exactly when the company saw rapid growth in the global car industry.
Situated on the southeast coast of Korea, Ulsan is home to Hyundai Motor Co.'s largest integrated vehicle production facility in the world.
Historical Background
Hyundai began its journey during the post-war reconstruction of South Korea and was first founded as a construction firm. It is a leader in the Korean domestic market and exports vehicles to 190 countries worldwide. In 1986, Hyundai began selling the subcompact Excel model in the United States. Few Americans were familiar with the company or its products at that time. After this, Hyundai has improved and broadened its range of products in the United States, where it currently holds a market share of more than 2% of the automobile industry.
Corporate leadership and governance
The executive management group directors of Hyundai Motor Company oversee a strong corporate governance structure. Its strategic direction and operation decisions are heavily influenced by the company's leadership, which includes influential individuals like its current CEO, Euisun.
Hyundai Motor Limited, India
On May 6, 1996, the South Korean Hyundai Motor Company established Hyundai Motor India Limited. In 1996, the Hyundai Motor Company debuted in the Indian auto industry, but the Hyundai brand was essentially unknown there. The only five significant automakers in India when Hyundai entered the market in 1996 were Maruti, Premier, Hindustan, Tata, and Mahindra. Ford, Opel, and Honda had only been in the Indian auto market for less than a year. Daewoo had joined Cielo three years prior. As the prime exporter of compact cars for HMC worldwide, HMIL was the first automobile company in India to reach the milestone of exporting 1 million cars in just over 10 years. HMIL is currently exporting vehicles to over 87 countries worldwide. For the eighth consecutive year, it continues to hold the top spot as the exporter of passengers.
ICOTY (awards received)
2008 Hyundai i10
2014: Hyundai Grand i10
2015: Hyundai Elite i20
2016: Hyundai Creta
2018 Hyundai Verna
2020: Hyundai Venue
2021: Hyundai i20
JD Power Indian Customer Satisfaction Award 2017
JD Power Appeal Awards 2016
It includes getting the best employees, promoting creativity, always enhancing, and, most importantly, unflinchingly striving to raise the quality of goods. They even established a posh in Singapore to experiment with concepts like driving cars and flying taxis, as well as robots in industries. It is a Singapore branch that uses technology like electrical and landing aircraft, robotics, and autonomous driving. They also look into other ways of making things.
In the current world, the talk is about electric cars. Despite Tesla’s dominance in the EV sector, the Hyundai Moto Group ranks second to them in terms of sales of electric vehicles in the USA, thanks to models such as Kona Electric, which are amazing. Hyundai has done a terrific job on electric vehicle technology, according to Sam Abuelsamid, principal research analyst at Guide House Insights. “On the electrification side, Hyundai has done a really great job,” he said. “They have put out some fantastic products.”
Hyundai’s range:
Electric
IONIQ 5 N
IONIQ 5
IONIQ 6
KONA Electric
INSTER
Plug- in Hybrid:
New Tuscon Plug-in hybrid
SANTA FE Plug-in hybrid
KONA hybrid
Petrol and mild hybrid:
i10
i20
BAYON
i30
KONA
Tuscon
Sport
i20 N
i30 N
Hydrogen
NEXO
Target Customers
Hyundai’s target audience includes college students, families, and retirees who aspire to have dependable and cost-effective cars with modern aesthetics. It does well in cities and towns in Europe and Asia that are highly populated because they are fuel-efficient and cheap. The customers appreciate low emissions, innovation, technology, and a range of environmental options with high energy efficiency. Families who like advanced features regarding their safety concerns and elderly drivers also value it.
Hyundai caters for a wide variety of needs, ranging from affordable and reliable cars with modern designs to technologically advanced automobiles with good safety records.