John Krafcik Talks About Hyundai’s Future Plans, Development Strategy
Hyundai Motor America President and CEO John Krafcik recently delivered the keynote speech at the 2013 NADA Convention and Expo, with much of the talk on what Hyundai has planned for the future.
The packed house listened as he explained how Hyundai dealers have to defy conventional wisdom in favor of the unconventional approach style that Hyundai has used in its design, retail processes, and premium products.
Speaking about the future, he also divulged that more premium offerings would be on the horizon.
To get an idea of what he is talking about, you need only look at the Hyundai Genesis concept (HCD-14) that was unveiled a few weeks ago in Detroit.
This new approach is very much against the grain of the automotive trend right now.
It’s hard to argue with any decision Hyundai makes, especially since they are fresh off of a years where they post an 8.6% increase in global sales. That looks set to continue, with January sales up 27.8% over last year.
It has always been Hyundai’s goal to surpass their Japanese rivals in the auto industry, and the gap is closing.
They also have their eyes set on the German luxury car makers, seeing that as yet another area where they can compete.
Hyundai has already shown that they are willing to use unconventional methods to achieve those goals.
Krafcik told all the NADA dealers in attendance that the business philosophy of Hyundai was such that they tried to defy convention and steer clear of copying others.
He said that when the company hears about the industry looking to the left, they will glance there, but also look for new opportunities on the right.
There is a certain amount of bravery required to do the opposite of what the industry is doing.
Hyundai is well aware, though, that in order to become a global player, they must play in the luxury market.
They believe that all comes back to the company philosophy, which Krafcik believes is leadership. He says they have it narrowed down to a three word mantra: defy, design, delight.
Premium, fuel-efficient cars
Hyundai looks set to defy convention by delivering more premium models in the future.
They will also work hard at continuing to develop fuel-efficient vehicles for the masses.
Krafcik mentioned the 4-cylinder approach they took with the new Sonata, as well as the premium retail strategy used with the Genesis and Equus.
Hyundai plans on keeping their premium models under the Hyundai flag, allowing sister company Kia to go after the younger market with the likes of the Soul and the all-new Kia Forte 5-door performance hatch.
Both companies are seeing real success, with the brand definitely moving into the luxury segment in the coming years.
As it stands now, the results show that Hyundai has strong buyer demographics, as well as a 9% share in the premium segments it competes in.
Krafcik finished up his speech by giving everyone a little glimpse into the direction of the premium product design by citing the HCD-14 Genesis Concept.
He said that Hyundai is well aware that their success comes from their efforts, achievements, skills, commitment, and entrepreneurial spirit.
It’s that which he says gives him the confidence to believe that Hyundai will continue to defy conventional thinking and continue to make their customers happy in ways they can’t begin to imagine. [Photo Source: Hyundai Motor America]