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[자동차산업] Hyundai Motor US Market Entry (Case Study)

Hyundai Motor Company: U.S. Market StrategyHyundai Motor Company, the biggest Korean automaker, sold its first car in the U.S. in 1986. At that time, few Americans had ever heard of Hyundai or its products. Since that time Hyundai has expanded and upgraded its product line in the U.S. and has gained valuable experience in the competitive U.S. automobile market. In 2001, Hyundai recorded an operating income ratio at 9.31% and a net profit ratio at 5.17%, higher than Big Three (GM, Ford and DaimlerChrysler) or any other automaker in the world (See Exhibit 1). During an interview in November 2002, Hyundai Motor America’s present CEO Finbarr O’Neil has set out a new corporate goal for the company: sales of 1 million cars and trucks a year by 2010.Company BackgroundThe Hyundai Motor Company was founded in 1947 as Hyundai Engineering and Construction Co. by Chung Ju-Yung. Hyundai Motor Co. (HMC), established in 1967, and built its first manufacturing facility in Ulsan. In February 1968, Pres cars (See Exhibit 3).Entering the U.S. MarketBy the 1980s, Hyundai Motor Company felt it was time to enter North America which is the world’s largest and toughest automobile market, aiming to become one of the major manufacturers. From HMC’s point of view, they had reasonably high quality entry-level products, a well trained and inexpensive labor force, and the financial backing of the Korean government. Since they were not strong enough in marketing know-how, a North America market study began. The timing of market entry was ideal. U.S. economy was at the height of the cycle and car sales were higher than ever in 1986 by 11.4 million cars and 4.6 million trucks. At that time Japanese companies were scrambling for the compact market but their volume was well below the market demand. The U.S. companies were still focusing primarily on the mid-and large-sized market with an increasing production volume. There was a large void for the entry-level cars in the market. Thus, HMC decided to such issues, their concerns were brushed aside. HMC knew what it was doing. But the marketplace was telling a different story. By new entries into the subcompact, the stakes for quality and value were raised. Hyundai sales remained static in 1988 at 263,000 units, below the targeted 300,000.Then, the new Sonata, Hyundai’s midsize sedan was introduced in the U.S. market in December 1988. However, late shipping parts to Canada caused delays in the assembly line. This was caused by related labor strikes that had erupted throughout Korea during this period. Potential customers visited empty showrooms and went away angry. When the parts finally arrived and the cars were assembled and shipped, they were not supported by a serious advertising campaign. Customers began looking elsewhere, and sales decreased. Then the United States was hit by a severe economic recession, and overall car sales began to decline. Despite the reasonably high quality ratings the car received, sales were crashed.By 1 have improved dramatically. The percentage of dealers selling over 25 cars per month has increased from 11% in 1998 to 51% in 2000 (See Exhibit 7).HMA Alabama PlantIn April 2002 HMC announced that it will build a plant in Alabama. The plant will begin production of 235,000 sedans and sport utility vehicles in 2005. Hyundai is planning to expand the volume to 300,000 units as its U.S. business grows. Also a third, higher-priced vehicle in addition to the Sonata sedan and Santa Fe SUV is planned to produce here. The plant will also include engine manufacturing and stamping facilities as well as assembly. As one of the most automated auto factories in the industry, the plant will rely on modular assembly, using about 20 key suppliers to construct large parts of the vehicles. How Hyundai structures its U.S. supply chain will be a key how the automaker hopes to produce vehicles in the United States as inexpensively as it does in South Korea. However, in an interview Hyundai Motor Co. Presi Hyundai is strongest. To reach O’Neil’s corporate goal for the company: sales of 1 million cars and trucks a year by 2010, Hyundai will need to continue to grow as much as it did in 2001 and that would be faster than either Honda or Toyota, the only other importer makes to reach 1 million vehicle sales annually in the United States. To Hyundai’s benefit, some of the industry’s bigger players have taken their eyes off the car market, which makes up about 80% of Hyundai’s U.S. sales.Hyundai Motor’s strategy will be maintaining significant price/value advantage over its competitors. Company will also work on minimizing reliance on rebates and fleet sales to achieve sales objectives. Sales expansion goals will focus on Sonata and Santa Fe models. During trying to achieve more sales, Hyundai Motor Company will face increased government pressure from U.S. government due to growing Korean sales/trade imbalance between Korea and U.S. Besides, competitor product improvement and cost reductionsE 1

경영/경제| 2004.12.23| 21페이지| 3,000원| 조회(1,008)

현대자동차, 자동차, HYUNDAI, Automotive

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