The purpose of this study is to examine value elements related to hybrid electric vehicles and their impact on consumers’ brand-related (brand identification) and corporate-related (corporate image) responses, which are expected to influence buying intention. Data was collected from 294 owners of hybrid electric vehicles in South Korea and analyzed using PLS-SEM and NCA (necessary condition analysis). The study finds that all four elements of value have a significant impact on either brand identification or corporate image. The study shows that brand identification and corporate image predict buying intention. Brand identification is found to play a mediating role in the relationship between aesthetic value and corporate image and between eco-friendliness and corporate image. The study finds that corporate image mediates the relationship between brand identification and buying intention. The study contributes to the understanding of the psychological process that explains buying intention of the hybrid electric vehicle (HEV) users.