Hyundai Group (; ) is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second

chaebol A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...

. Chung Ju-yung was directly in control of the company until his death in 2001. The company spun off many of its better known businesses after the

1997 Asian financial crisis The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...

and founder Chung Ju-yung's death, including

Hyundai Motor Group The Hyundai Motor Group (HMG; ; ; stylized as HYUΠDAI) is a South Korean ''chaebol'' (loosely similar to a multinational conglomerate but without a central holding company or ownership structure) headquartered in Seoul, South Korea. The HMG ...

, Hyundai Department Store Group, and Hyundai Heavy Industries Group. The Hyundai Group now focuses on elevators and tourism to Mount Kumgang.

Etymology

The name "Hyundai" comes from the Korean word ( hanja form), which means "modernity".

History

* In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by Chung Ju-yung. Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam. In 1950, Hyundai Togun was renamed Hyundai Construction. In 1958, Keumkang Company was established to make construction materials. In 1965, Hyundai Construction began its first overseas venture, a highway project in Thailand. * In 1967, Hyundai Motors was established. Hyundai Heavy Industries was founded in 1973, and completed the construction of its first ships in June 1974. * In 1975, the group begins construction on an integrated car factory and launches a new Korean vehicle. * In 1973, the group's shipyard is incorporated as Hyundai Shipbuilding and Heavy Industries, renamed Hyundai Heavy Industries in 1978. * In 1976, Hyundai Corporation is established as a trading arm. The same year, Asia Merchant Marine Co. established, later renamed Hyundai Merchant Marine. * In 1977, Asan Foundation was established. * In 1983 Hyundai entered the semiconductor industry through the establishment of Hyundai Electronics (renamed Hynix in 2001). * In 1986, Hyundai Research Institute was established. * In 1986 a Hyundai-manufactured IBM PC-XT compatible called the

Blue Chip Blue chip may refer to: * Blue casino token * Blue chip (stock market), a corporation with a national reputation for quality, reliability, and the ability to operate profitably * Blue chip (sports), collegiate athletes who are targeted by professio ...

PC was sold in discount and toy stores throughout the US. It was one of the earliest PC clones marketed toward consumers instead of business. * In 1988, Asian Sangsun was established, renamed Hyundai Logistics in 1992. * By the mid-1990s Hyundai comprised over 60 subsidiary companies and was active in a diverse range of activities including automobile manufacturing, construction, chemicals, electronics, financial services, heavy industry and shipbuilding. In the same period it had total annual revenues of around US$90 billion and over 200,000 employees. * In December 1995, Hyundai announced a major management restructuring, affecting 404 executives. * During 1997 Asian financial crisis, Hyundai acquired Kia Motors and LG Semi-Conductor. * In 1998, Korea's economic crisis forced the group to begin restructuring efforts, which include selling off subsidiaries and focusing on five core business areas. Nevertheless, Hyundai began South Korean tourism to North Korea's

Kumgangsan Mount Kumgang () or the Kumgang Mountains is a mountain massif, with a peak, in Kangwon-do, North Korea. It is located on the east coast of the country, in Mount Kumgang Tourist Region, formerly part of Kangwŏn Province, and is part of the ...

. In 1999, Hyundai Asan was established to operating Kumgang tourism, the Kaesong Industrial Complex, and other inter-Korean work. * In April 1999 Hyundai announced an enormous corporate restructuring, involving a two-thirds reduction of the number of business units and a plan to break up the group into five independent business groups by 2003. * In 2001, the founder Chung Ju-yung died, and the Hyundai Group conglomerate continued to be dismantled. * In 2007, Hyundai Construction Equipment India Pvt. Ltd. established in India. * In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.

Logo

File:Hyundai logo (1957).svg, 1957-1974 logo File:Hyundai logo (1974).png, 1974-1984 logo File:Hyundai symbolmark.png, The current logo in use since 1984 Hyundai logo (hanja).svg, Hanja variant

Affiliated companies

As of 2017, these are the affiliated companies of the Hyundai Group. * Hyundai Elevator * Hyundai Movex * Hyundai Asan * Hyundai Research Institute * Hyundai Investment Partners * Hyundai Global * Able Hyundai Hotel & Resort * Bloomvista

Hyundai Motor Company

Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia forms the

Hyundai Kia Automotive Group The Hyundai Motor Group (HMG; ; ; stylized as HYUΠDAI) is a South Korean '' chaebol'' (loosely similar to a multinational conglomerate but without a central holding company or ownership structure) headquartered in Seoul, South Korea. The HM ...

. Headquartered in Seoul, South Korea, Hyundai operates in Ulsan the world's largest integrated automobile manufacturing facility, which is capable of producing 1.6 million units annually. The company employs about 75,000 people around the world. Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms worldwide. In 2012, Hyundai sold over 4.4 million vehicles worldwide. Popular models include the

Sonata Sonata (; Italian: , pl. ''sonate''; from Latin and Italian: ''sonare'' rchaic Italian; replaced in the modern language by ''suonare'' "to sound"), in music, literally means a piece ''played'' as opposed to a cantata (Latin and Italian ''cant ...

and Elantra mid-sized sedans. The Asan Foundation, established by Chung Ju-yung in 1977 with 50 percent of the stock of Hyundai Construction, subsidizes medical services in Korea primarily through the

Asan Medical Center Asan Medical Center () is a hospital in Seoul, South Korea. It was established to put into practice the founding principles of Asan Foundation founder Chung Ju-yung. It opened on June 23, 1989, under the name Seoul Jungang (Central) Hospital, and ...

and six other hospitals. The foundation has sponsored conferences on Eastern ethics and funded academic research into traditional Korean culture. In 1991, it established the annual Filial Piety Award.Callahan, William A. (2006)
''Cultural Governance and Resistance in Pacific Asia''
p. 113. Taylor & Francis.

References

External links

Hyundai Group Website

Hyundai Group Homepage

Hyundai Power Equipment (UK)
{{Hyundai Conglomerate companies of South Korea Manufacturing companies of South Korea Conglomerate companies established in 1947 South Korean companies established in 1947 Hyundai Companies based in Seoul Electronics companies of South Korea Manufacturing companies established in 1947 Vehicle manufacturing companies established in 1947 South Korean brands