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Hyundai's brand value up 4.6 pct on future mobility investments: Interbrand

All Headlines 17:30 October 17, 2019

SEOUL, Oct. 17 (Yonhap) -- Hyundai Motor Co.'s global brand value rose 4.6 percent in 2019 compared with a year earlier due to its efforts to morph into future mobility solutions provider, a global brand rankings showed Thursday.

Hyundai Motor's brand value improved to US$14.1 billion in 2019 from $13.5 billion a year earlier, the company said in a statement, citing global brand consulting firm Interbrand's 100 top brand rankings for this year.

"Hyundai's advance in brand value is mainly helped by its aggressive investment in hydrogen fuel-cell electric and other next-generation vehicles and future mobility technologies," an Interbrand official was quoted as saying in the statement.

Hyundai plans to invest 7.6 trillion won (US$6.7 billion) in hydrogen car-producing facilities and related R&D activities by 2030.

Under the plan, the carmaker will establish two separate plants to churn out 500,000 hydrogen vehicles in 2030. A hydrogen car is considered to be environment-friendly since it emits only water vapor as it generates electricity.

Moreover, Hyundai plans to set up a US$4 billion 50:50 joint venture with Ireland-based autonomous vehicle startup Aptiv next year to develop a self-driving platform.

Interbrand annually announces the world's 100 most valuable brands based on their growth potential and performances.

Hyundai ranked 36th in this year's overall brand rankings and 6th in the automotive brand rankings after Toyota Motor Corp., Mercedes-Benz, BMW, Honda Motor Co. and For Motor Co., the statement said.

The South Korean carmaker first entered the Interbrand rankings in 2005 when it earned the 84th position with its brand value of $3.5 billion, it said.

This file photo provided by Hyundai Motor shows the Nexo hydrogen fuel-cell electric car and a woman looking down a city from the road of a hill. (PHOTO NOT FOR SALE)(Yonhap)

kyongae.choi@yna.co.kr
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