HyundaiHyundai refers to a group of companies founded by Chung Ju-yung in South Korea, and related organizations. The first Hyundai company was founded in 1947 as a construction company, and the Hyundai Group eventually became South Korea's biggest conglomerate company (chaebol).
The best known global Hyundai brand is the Hyundai Motor Company. Hyundai Heavy Industries is the world's largest shipbuilder, and Hynix is a top semiconductor producer. Other companies currently or formerly controlled by members of Chung's extended family may be loosely referred to as a part of the Hyundai chaebol.
Today, many companies bearing the Hyundai name are legally unrelated. The Hyundai Group underwent massive restructuring following the 1997 East Asian financial crisis and the founder's death in 2001. It was split into several independent entities, including Hyundai Kia Automotive Group, Hyundai Department Store Group, Hyundai Heavy Industries Group, and Hyundai Development Group. After the split, the company now called Hyundai Group focuses on elevators, container services, and tourism to Mount Kumgang.
The Korean name 현대 (Revised:Hyeondae; [çjʌn.dɛ]) means "modernity". It is often pronounced as [hʌn.de(j)] in the U.S., as [haɪ.ʌn.daɪ] in the U.K., as [hi.jʌn.dæɪ] in Australia, and as [ɣɛɴdai] in Japanese. Early U.S. advertising for the Hyundai Excel car told readers "It rhymes with Sunday".
History
Hyundai started out life as the Hyundai Engineering and Construction Company in 1947 and was founded by Chung Ju-Yung, who insisted on delivering quality products on budget on time. 1966 saw the establishment of the Hyundai motor company as a manufacturing business alongside the Hyundai construction company. The Hyundai Pony became its first independently designed and manufactured model, and was unveiled to the world at a motor fair in 1974, the model was exported and by 1984, Hyundai had produced over 500,000 models. Only a year later Hyundai Motor America is founded and quickly grows into the fourth best-selling foreign importer in to the U.S.
The Hyundai Company grew immensely over the 1980s and by the end of the decade the cumulative production of all models exceeded 3 million. Hyundai’s first fashion car, the sporty Scoupe is launched in 1990. Later versions use the Hyundai Alpha straight-4 engine – the first engine designed in Korea. Exports of the Scoupe to the USA exceed one million in its first year.
Another record was set by Hyundai in the new millennium. 2001 saw 346,235 Hyundai vehicles were sold in the USAS. This accounts for 42% increase in the sales over 2000 – the largest increase in the US car industry to date, and Hyundai record is set in the UK as well with 37,611 vehicles sold. An all time high for the company in the UK.
A relative newcomer to the American marketplace, Hyundai is a Korean automaker with a product line that has improved considerably over the past few years. Hyundai cars and SUVs provide a high level of content for an affordable price, and are currently backed by one of the industry's longest warranties.
In 1947, Chung Ju Yung founded the Hyundai Civil Engineering Company. Mere months later, the outfit was bombed in the Korean War. However, the company regained its footing to distinguish itself as one of Korea's leading construction enterprises during the 1950s.
By the late 1960s, Chung had turned his attention to the automobile industry. The Korean government at that time believed that it made more sense to import vehicles than produce them domestically, and had made its opinion known. Still, Chung opted to follow his own convictions, and in 1967, he founded the Hyundai Motor Company.
The company quickly established an alliance with one of the industry's oldest automakers, signing a two-year contract with Ford in 1968 to share assembly technology. Hyundai's first car, the Cortina, was created from that partnership. The manufacturer's first car to be built and designed in Korea was the compact Pony (although the car was based on Japanese technology courtesy of Mitsubishi). The vehicle made its debut in 1974, and the following year, Hyundai began exporting it to overseas markets.
Hyundai entered the U.S. market in 1986 with the introduction of its subcompact Excel. The car was an immediate hit, with its supreme affordability being a primary selling point; more than 100,000 Excels were sold stateside in the first seven months. By 1988, Hyundai had begun to produce cars using its own technology. The midsize Sonata was the first fruit borne of this endeavor.
Unfortunately, Hyundai's nascent image was soon tarnished by the poor durability and reliability of its vehicles. Sales tanked. However, rather than abandon the American market in the '90s, Hyundai chose to invest heavily in new product designs and improvements in overall quality and reliability.
The decision started to pay off by the start of the new millennium as the quality, performance and overall desirability of Hyundai cars increased sharply. The company has also smoothed over any lingering doubts about quality by enacting an extraordinarily long warranty period. Though Hyundai's product lineup is smaller than those of most other manufacturers, it gains economies of scale through Kia, another Korean auto brand, which it purchased in 1998. These days, Hyundai is known for producing vehicles that offer great value at low prices.
Timeline
1946
Hyundai Auto Service Center established.
1967
Hyundai Motor Company established.
1968
Licensing agreement with Ford.
1974
Subcompact car Pony, Korea's first independently designed and manufactured model, unveiled at the 55th Turin International Motor Fair.
1976
First PONY exported.
1982
PONY II introduced.
1984
Cumulative production of the PONY exceeded 500,000.
Exports begin to Canada.
STELLAR introduced.
1995
Hyundai Motor America established.
EXCEL is launched.
New 300,000-unit plant opened in Ulsan.
1986
Cumulative production of all models exceeded 1 million.
EXCEL is imported to the U.S.
GRANDEUR luxury car is launched.
1987
Cumulative production of all models exceeded 1 million.
GRACE Minibus, PORTER 1 ton truck, MIGHTY 2.5ton truck introduced.
1988
Mid-size sedan SONATA introduced.
1989
Cumulative production of all models exceeded 3 million.
EXCEL exports surpass 1 million.
V-6 engine plant established.
1990
Sporty coupe SCOUPE introduced.
Cumulative exports to the U.S. surpass 1 million.
1991
Cumulative production of all models exceeded 4 million.
Alpha, Hyundai's first proprietary engine, is introduced.
1992
SCOUPE Turbo wins at the Pikes Peak Hill Climb Rally.
1993
ELANTRA selected as Best Car of 1993 in Australia.
1994
Cumulative exports top the 3 million mark.
Ultra modern ACCENT subcompact model introduced.
Beta, Hyundai's second proprietary engine, is introduced.
1995
ACCENT earns Canadian Best Buy Award.
AVANTE compact introduced and wins the Asia-Pacific Rally.
1996
TIBURON sports coupe introduced.
SONATA III introduced.
DYNASTY luxury car launched.
Phase 2 of Namyang R&D Center completed.
Hyundai introduces Korea's first credit card.
Cumulative exports surpass 4 million.
1997
Hyundai begins their fourth decade as an accomplished and pioneering automaker.
With thirty years of steady growth, the corporate motto has remained the same -
Pursuing Happiness Through Cars.
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