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. 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 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 H ...
,
Hyundai Department Store Group, and
Hyundai Heavy Industries Group
HD Hyundai () is one of the largest South Korean conglomerates engaged in shipbuilding, heavy equipment, machine, and petroleum. HHI Group is controlled by HD Hyundai Co., Ltd. (), formerly known as Hyundai Heavy Industries Holdings Co., Ltd. ...
. The Hyundai Group now focuses on elevators and tourism to
Mount Kumgang.
Etymology
The name "Hyundai" comes from the Korean word (
hanja
Hanja (Hangul: ; Hanja: , ), alternatively known as Hancha, are Chinese characters () used in the writing of Korean. Hanja was used as early as the Gojoseon period, the first ever Korean kingdom.
(, ) refers to Sino-Korean vocabulary, ...
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
Hyundai Engineering and Construction Co., Ltd. (HDEC; ) is a major construction company in South Korea. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company and was a major component of the Hyundai Group. Hyunda ...
. 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
Hyundai Motor Company, often abbreviated to Hyundai Motors ( )
and commonly known as Hyundai (, ; ), is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea, and founded in 1967. Currently, the company o ...
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
Hyundai Corporation () is a South Korean company founded in 1976 as part of the Hyundai '' chaebol''.
It is a general trading company providing export and import services with a wide variety of products including marine vessels, industrial plant ...
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 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. 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
Seoul (; ; ), officially known as the Seoul Special City, is the Capital city, capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the North Korea, Democratic People's Republic of Korea (North Korea ...
, South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
, Hyundai operates in Ulsan
Ulsan (), officially the Ulsan Metropolitan City is South Korea's seventh-largest metropolitan city and the eighth-largest city overall, with a population of over 1.1 million inhabitants. It is located in the south-east of the country, neighboring ...
the world's largest integrated automobile
A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods.
The year 1886 is regarded ...
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 and Elantra mid-sized sedans.
The Asan Foundation, established by Chung Ju-yung in 1977 with 50 percent of the stock of Hyundai Construction
Hyundai Engineering and Construction Co., Ltd. (HDEC; ) is a major construction company in South Korea. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company and was a major component of the Hyundai Group. Hyunda ...
, 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
Chung Ju-yung or Jung Joo-young (; November 25, 1915 – March 21, 2001), wa ...
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.
See also
* Economy of South Korea
* Chaebol
* Hyundai Motor Company
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