Sep 02, 2009 -- Hyundai continues slow but steady rise
Hyundai entered the U.S. market with the XL in 1986. But quality control issues early on got out of hand and the company made a bad first impression on car buyers.
At the time, Hyundai was by far the cheapest car in America with an MSRP of $4,995. But a car's got to be reliable too, right?
Poor Hyundai has now spent a full generation trying to overcome that initial impression. They never had the cachet of a Honda or a Toyota. But Toyota has endured massive losses and is closing a U.S. assembly plant for the first time ever.
Looks like Hyundai is having the last laugh now. Their 10-year warranty and unemployment coverage have really boosted the company's profile. Market share is up by a third in a year, according to The Washington Post.
Hyundai is a great example of where we're headed in this country. Many of their cars are made in the USA despite the foreign nameplate.
Meanwhile, on the affordability front, China is set to sell cars stateside beginning most likely in 2010. You can expect ultra-affordability, certainly below $10,000, but possibly as low as $7,995 in Clark's estimation! And Warren Buffett is investing in an electric car company in China that's also eyeing the U.S. market.
So whether you want a traditional gas engine or an electric car, more affordability is coming down the road.