As many people are struggling to afford a car despite being able to take out a car loan, the ability to afford a less expensive vehicle is growing increasingly crucial to today's market.
This could be one of the reasons that Hyundai Motor Company saw its profits increase by 47 percent during the first quarter of this year, or $1.7 billion, according to the Wall Street Journal. The South Korean automaker is expected to have strong growth due to Japan's earthquake setbacks and its push in the U.S. market.
The company has been working tirelessly to ensure that it is thought of as an alternative Asian brand that is affordable.
"Hyundai has been emerging as an alternative to Japanese cars, shaking off its image as a maker of cheap cars," Lee Dong-jin, a fund manager at KTB Asset Management, told The New York Times. "It's now seeing some benefits from increasing production at overseas plants while the world took a hit from the financial crisis."