Ailing American automakers hoped to capitalize on the supply problems resulting from natural disasters in Japan. They probably had a good idea, but they didn't consider Hyundai and Kia. The South Korean automakers that have quietly shattered all industry expectations, putting the Big Three and the Japanese in a world of hurt.
A Quiet Revolution
Hyundai and Kia have captivated the U.S market by offering high quality cars packed with popular features and styles. They are driven by product innovation and a dedication to customer satisfaction. In the U.S., sales of Hyundai and Kia products have jumped by almost double the market's rate of growth. Sizable gains in the U.S. mean consumers are increasingly turning to the South Korean automakers rather than to U.S. and Japanese-based brands.
Hyundai is now poised to knock Japan's Nissan out of the coveted sixth-place slot on the list of U.S. market share, but don't expect it to stop with that achievement. The company has models that directly compete with the most popular models from Honda and Toyota, giving shoppers better prices and more features. Hyundai Kia has also revolutionized the automobile industry by delivering value-priced cars with style. Rather than reserving sleek, modern designs only for its pricier models, Hyundai has delivered small and mid-sized cars that shed the traditional boxy, clunky, cheap look in favor of designs that inspire the pride of ownership rather than the discomfort of austerity. The decision has left competitors in the dust.
Attractive, Fuel-efficient and Inexpensive
A struggling economy in the U.S. and other Western markets means consumers need affordable cars that sip fuel like a person sipping a drink through a swizzle stick. That kind of car has always been available, but Hyundai has changed the market forever: these cars now look and feel great.
For example, the 2011 Elantra is easy on the eyes without straining the wallet. It outperforms other cars in its class. It has fast, swooping lines that include some of the same visual cues as the more-expensive Sonata. Inside the cabin, Elantra takes value to new extremes. Rather than a barren dash, the car features an admirable instrument panel that pleasantly surprises any veteran driver of economy cars. Its interior is anything but austere, ranking among the top designs currently on the market.
Rather than using yesterday's technology in its low-priced vehicles, Hyundai delivers the latest in precision engineering. Its 4-cylinder engine gives Elantra more power, speed and fuel economy than anyone would expect in a car of its price-range.
Prospects for Continued Success
Ford is one automaker pressured by Hyundai's success. Ford has more dealers in the U.S., but Hyundai and Kia are still outselling its top-selling models. The outlook for U.S automakers doesn't seem to be improving either as they remain engulfed by sluggish product cycles.
Still, the news only gets worse for them and better for Hyundai and Kia. Almost half the new models coming from South Korea are small cars, outpacing the industry by more than a 2 to 1 clip. Another third of the new vehicles are crossover SUVs, a number that also surpasses the market. This can only portend well for Hyundai Kia as gasoline prices continue their upward trend.
Vincent works in the research and development area for zAutos. For more about zAutos see:
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