November 23, 2024

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Hyundai Motor Group’s trailblazing electric vehicles have earned rave reviews and charted a path to success under the leadership of Chair Chung Euisun.

CNBC, the premier economic news broadcaster in the United States, aired a special feature on Sunday focusing on the factors propelling the Korean carmaker to become the 3rd-largest contender in the global finished vehicle market. The feature emphasized the company's commitment to innovation and technological excellence as pivotal to its rise.

Professor William Barnett, a notable figure from Stanford University, expressed in the CNBC interview his astonishment at the remarkable growth of Hyundai Motor Group, saying "The Hyundai that we see today, especially from an American perspective, would surprise people if they remember the Hyundai that first entered the American automobile market years ago."

Chung Euisun, chair of Hyundai, walks along with president Joe Biden. (CNBC Youtube)

While Hyundai Motor Group held a spot in the global top 10 in 2000, it made a significant leap to the top five by outpacing Ford in 2010. Despite briefly landing at the fourth spot in 2020 and slipping to fifth in 2021, the group surged two ranks upwards in 2022, showcasing its resilience and growth trajectory.

The first segment in the TV report explored Hyundai Motor Group's response to the US Inflation Reduction Act (IRA), with a focus on its positioning as the fourth major player in the US automotive sector after GM, Toyota, and Ford. The report lauded Hyundai Motor Group for its prowess in electric vehicle (EV) sales, despite operating without full subsidy benefits in the US.

CNBC explains E-GMP(Electric Global Modular Platform) when explaining Hyundai's newest technology. (CNBC Youtube)

Emphasizing the advanced EV technology and positive consumer reception of the E-GMP (Electric Global Modular Platform) based on its rapid charging systems, the report underscored the company's successful adoption of electrification technology. Additionally, it highlighted the accolades received from industry experts for these innovations.

Local experts have been overwhelmingly positive in their acclaim. Senior analyst Ed Kim from AutoPacific remarked, "The Ioniq 5 is gaining praise as a superior product compared to Toyota's equivalent model (bz4x) by standard benchmarks."

In a subsequent section, the focus on the spirit of challenge by Chair Chung Euisun was highlighted. CNBC observed that Hyundai Motor Group experienced significant growth in the US, leveraging the credibility of Asian brands established by Toyota, and credited their commitment to improving quality as a key factor in their current competitiveness.

CNBC explains the historical background of Hyundai Motor Group. (CNBC Youtube)

Transitioning to the following section, CNBC underscored Hyundai Motor Group's strategic initiatives that have propelled them to their current position. They have adopted a “fast follower” approach, drawing on best practices from Japanese competitors such as Toyota and Honda, who had established a presence in the United States earlier.

"In early 2000, their quality level became very comparable to US big three cars and Japanese cars, even though their brand value was still lower than their competitors," said Rhee Moo-weon, professor of Yonsei University. He added, "They don't mimic Tesla, Toyota or any other US companies, because in this new game board, there is no leader, which shows total difference compared to the past industry."

CNBC said Hyundai keeps investing in areas that many other automakers have stepped back from, such as robotics, autonomous driving and flying taxis.

Cars are being made at local production plants in the US. (CNBC Youtube)

The last chapter covered Hyundai's active response addressing its crises involving recall and theft issues. Hyundai's other challenges and innovative actions were introduced, including its continuous development in hydrogen fuel cell technology and its innovative models such as NEXO and N Vision 74.

CNBC rated that Hyundai is working on many of its newest ideas as the leader of the automobile business.

By Kim Jun-hong (hongie@heraldcorp.com)