Hyundai Motor Co. has extended its sponsorship agreement with FIFA, the world soccer governing body, to include the 2018 and 2022 World Cup championships in Russia and Qatar.
Hyundai has been a sponsor of the World Cup since 2002. Hyundai extended the contract for eight years more from 2014, when the carmaker is due to be the official automotive partner at the Brazil championship.
In a statement, CEO Mong-Koo Chung says that since its first association with FIFA in 1999, its commitment and support for FIFA has been unequaled.
Under the extension, Hyundai will gain sponsorship rights to all FIFA competitions, extensive global media exposure, exclusive marketing opportunities and affiliation with FIFA's special events and development initiatives.
The Interbrand consultancy says that Hyundai has raised its brand value by 9.3 percent in 2009, just behind Volkswagen AG's Audi at No. 8 in the consultancy's automaker listing and ahead of Porsche AG.
In the U.S., Hyundai has created a strong brand value with its sponsorship of the NFL Super Bowl, the opening round of the PGA golf tournament in Hawaii and the Academy Awards.
Interbrand adds that Hyundai has been successful in building its brand in major auto markets like the United States and China and in emerging markets, due in part to aggressive marketing moves. [via autonews - sub. required]