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Hyundai Motor Company Passes Milestone with Export of 10 Millionth Vehicle

Does Hyundai Pose a Threat to Toyota for Global Export Volumes?

Which import automaker poses the greatest threat to surpassing Toyotas export volume? While Honda, Nissan and Mazda have made significant gains in recent years, South Koreas Hyundai Motor Company shows the most potential for out and out dominance.

To drive this point home, the Seoul, Korea automaker celebrated the export of its 10 millionth vehicle in a ceremony held at the Ulsan plants Pre-Delivery Inspection Centre last month.

"What we are really celebrating today is the growth of the Hyundai family which now extends to 10 million satisfied customers around the world: That

Watch out Toyota, your export dominance may be coming to an end. Hyundai just celebrated the its 10 millionth exported vehicle, with the subcompact Accent (shown) making up the majority of sales at 2.1 million. (Photo: Hyundai Motor America)

is what makes us especially proud," commented Hyundai Motor Company Vice Chairman and CEO Kim Dong-Jin to a crowd of employees, domestic journalists, government officials and senior executives.

"Last year, for the very first time Hyundai Motor Company saw its overseas sales break past the one million per annum mark, a feat which is second only to Toyota in terms of volume," added

Another shock to Toyota is that Hyundai surpassed them in J. D. Power and Associates 2004 initial quality survey. The Tucson should continue Hyundais quality lead, while adding significantly to the automakers sales success. (Photo: Hyundai Motor America)

Kim. "Today, Hyundai Motor Company employs, directly and indirectly, some one million people worldwide and conducts business with nearly 2,000 local and overseas suppliers."

Hyundai also shocked the automotive world when J. D. Power and Associates announced the brand had surpassed Toyota in initial quality in its 2004 IQS (see news archive for Apr 30, 2004: Industry Report Part 1: New J.D. Power Initial Quality Survey Puts Hyundai Above Toyota).

Hyundais surge up the quality charts was initiated by previous Chairman Chung Mong-Koo, with above average ratings having

It took 22 years for Hyundai to reach its five million car export milestone, but only 5 and a half additional years to achieve 10 million. The Elantra (shown) made up 1.72 million of the 10 million total. (Photo: Trevor Hofmann, American Auto Press)

also been cited by Strategic Vision, AutoPacific and other independent auto surveyors and testers.

But the real reason exports have grown so dramatically, is due to an increase in the number of export markets. In 1980 Hyundai only sold its vehicles in 38 countries, but with the recent additions of Iraq (see news archive for Apr 15, 2004: New Hyundai Dealership Opens in Baghdad amid Recent Violence), Afghanistan and Tunisia, a total of 193 countries sell Hyundai vehicles. As part of this expansion more than 5,000 dealers display the stylized Hyundai "H" on their storefronts.

So, why should this concern Toyota? It took 22 years for Hyundai to reach its five million car export milestone, arriving in 1998, but only 5 and a half additional years to achieve 10 million. It is entirely

Hyundai will enter the luxury car market with its redesigned Equus in North America and European markets (concept shown). (Photo: Hyundai Motor America)

possible, that given enough time Hyundai could surpass Toyota in export sales in the same way it passed the worlds number three selling automaker in J. D. Powers initial quality index.

While the most popular Hyundai export on a global scale has been the subcompact Accent, at approximately 2.1 million units, followed by 1.72 million Elantras, the brand plans to launch a new compact SUV this fall, the Tucson, a redesigned Santa Fe and even a pickup truck in the not too distant future, which should do much to bolster sales and profits even further.

Hyundai will also enter the luxury car market with its redesigned Equus in North America and European markets, and may even spin off a separate luxury brand similar to Toyotas Lexus. While Lexus executives scoff at such an unlikely competitor, they had best think back to when traditional luxury car buyers paid them the same respect when announcing the Lexus brand. Are the Americans and Germans laughing now? Hyundai may attempt to beat Lexus at its own game, just because it can.

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