Honda CEO Takanobu Ito foresees Hyundai cars as one of the major threats to the Japanese cars in near future. The Korean car manufacturer has rapidly firmed up its sales around the world and has greatly improved its car models. Its new business strategies and planning has led to larger market share in nearly every auto market around the globe. “Hyundai is awesome,” said Takanobu. “They are undoubtedly a threat because their products are cheap, and the quality is improving,” says Takanobu.
The scrappage incentive scheme in European nationals and America has further uelled the sales growth of Hyundai in these countries. Hyundai along with its sister firm Kia have made the most of this scheme by launching various i-series models like i10, i20 and i30 in Europe and the US.
Nissan’s designed Shiro Nakamura has also echoed similar sentiments about Hyundai. “Hyundai is the biggest threat for the Japanese automakers,” he said. “They have the technology, but they seem to have cheaper labour."
With Hyundai en-cashing upon cheap labour in countries like India, the cost of the cars are extremely competitive that are also offering great and improved quality.