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(More customer reviews)"Hyundai Smokes the Competition" by Alex Taylor III was the most appealing article in this issue, and reported on the 43-year-old company's best-in-class quality and aggressive volume goals. Its 21-story headquarters south of Seoul has monitors watching operations around the world from Beijing to Montgomery, Alabama - including its Ulsan, Korea plant, the world's largest integrated auto factory.
Combined with sister company Kia (owns 39%), Hyundai has 80% of auto sales in Korea, while U.S. sales are +7% in a -24% market. Kia has become the 8th most popular brand in the U.S. in only 15 years. In China, Hyundai is in second place, behind VW among international car makers. In 2008 it introduced the Genesis model as an upgrade from Sonata. This last December, U.S. customers saw the 2011 Sonata two months ahead of schedule. Hyundai is already 4th among the world's car-makers and was named years ago by Toyota as the company it feared most. Its goal is 6.5 million units in 2 years, vs. 5.9 million in 2009. En route, it is introducing a new model this year, the $60,000 Equus, to compete with top Mercedes, BMW, and Audis costing $20,000 more. Hyundai introduced its first hybrid last summer - it has developed lithium-polymer batteries 40% smaller and 35% lighter than Toyota's nickel-metal-hydride ones.
When Hyundai's current chairman took over in 1999 the emphasis changed from sales volume to quality - it adopted the Toyota Production System, Six Sigma, and implemented weekly quality meetings attended by the chairman. Hyundai now ranks ahead of Toyota on J.D. Power initial ownership surveys.
The firm is building a $5 billion steel mill in Korea that will focus on producing lightweight, high-tensile auto steel.
Click Here to see more reviews about: Fortune January 18 2010 Hyundai - Toughest Car Company, Meet Lou Dobbs, Vancouver/2010 Winter Olympics, Winter Beach Getaways
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