Hyundai recently became the 4th largest automaker by volume. The Korean automaker is the biggest threat to Volkswagen and Toyota, who are the top 3 producers of cars in the world. Thus Hyundai has decided that it needs more volumes from China (the world’s largest car market) and is preparing to develop a new brand solely for the Chinese car market. The new brand will also help the company in increasing localisation level in the country and will help battle Volkswagen more aggressively. Volkswagen commands the highest market share in China with 19% of all cars features the VW badge.