Changes are inevitable. Especially in the business field, changes are seen as a sign of development and massive shifts in industries. Business owners and entrepreneurs are usually scared of changes as there is a change their success streak might break by one small change in customer’s tastes and preferences due to any reason.
In such an environment, the South Korean automobile giant, Hyundai, is playing smart to thrive in the changing shift and is turning these changes to their benefits.
- Hyundai in India:
Hyundai is the 3rd largest vehicle manufacturer in the world and has a massive presence in the Indian market. The highly popular Santro is still one of the most household compact car known to Indians in the early 2000s. From then to Sedans and SUVs, the brand has made the right changes to match the changing trend in the country.
As quoted by Euisun Chung, executive vice chairman of Hyundai Motor Group, “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to customers.” Thus making it clear the organization’s vision to keep innovating and matching the customer’s demands seamlessly.
- Hyundai’s Innovative Investments:
To begin with, Hyundai has invested close to Rs. 2,150 crore in OLA, an Indian online cab service brand. It aims to participate more in the shared mobility space. With the user base of these cab service platforms increasing, the brand value of Hyundai is also set to increase with this partnership.
Yet another changing trend that has seen quite a hustle is the talks about self-drive car services. Where instead of booking a cab with a driver, one can book the car for themselves to drive. Picking this trend in the initial stage, Hyundai has invested in Revv, a rental startup that provides self-driving car service. This will help them keep the upper hand in the competition that is not even begun yet, but soon might.
Yet another sector Hyundai is planning to invest in is the subscription model business. The trend of owning cars based on a subscription model is slowly increasing, and Hyundai is one of the first major brands to step in. With this model, people don’t require to pay the down payment and can lease a car for a fixed period of time for a pre-determined rent. And if the person wants to go for a Hyundai vehicle, they can do the same with their partner, ALD Automotive, the lease experts.
Hyundai is seeing the immense potential value in the Indian market and hence has planned to invest heavily to develop their brand in India. The newly appointed Managing Director, SS Kim, is seeing the change as a generation difference. He portrays that the decision-making habits of the newer generation are different from that of, the older one, and hence they want to make something new and surprising for their personality and lifestyle.
- Major areas of focus by Hyundai:
- Clean Mobility: A factor that is taken into consideration by taking into account the increasing demand for electric vehicles and the conservation of the environment. To meet this goal, Hyundai is all set to release 38 cleaner and environmentally friendly models in the hybrid-electrical, fuel-cell, and electric category. The brand has already launched Kona EV for the Indian market.
- Freedom in Mobility: A factor where it aims for everyone to have access to safe transportation
- Connected Mobility: Seeing the rise of the Internet of Things, it is a step to connect one individual’s car to the other to increase the safety and convenience factor.
Overall, Hyundai is moving their brand goals to be an all-round smart mobility solution provider and not just a vehicle company. With changing trends, they are not waiting for the changes to actually happen; they are making the shifts right away to be prepared for whatever that comes their way tomorrow.56