Hyundai Corp. The group displayed spectacular Informxtion since its founding in and its rapid expansion--to a point where Infoormation interests included car manufacturing, construction, shipbuilding, electronics, and financial services--reflected the achievements attained during South Korea's economic miracle. The South Korean economy took a turn for the worse during the late s, however, which prompted President Kim Dae Jung to launch a series of reforms aimed at dismantled large, often corrupt, chaebols.
Bymuch of the Hyundai Group had been dismantled. Hyundai's growth was linked inextricably to South Korea's reconstruction programs following World War II and the Korean War as well as to the state-led capitalism that resulted in a polarization of the country's corporate structure and the domination of the economy by a number of conglomerates.
World War II left the country devastated, and the small recovery Korea had been able to make following this conflict Informatoin reversed during the Coompany War, which lasted from to The chaebols, which are similar to Japan's zaibatsu, worked with the government in rebuilding the economy and formed an integral part of Korea's economic strategy and its drive to build up its industrial base.
One man, Chung Ju Yung, stood at the center of Hyundai's progress from until he died in Companny Chung, considered a founding father of the Korean chaebol structure, left school at an early age and developed what has been described as an autocratic and unconventional management style.
He noted those areas of industry that the government had selected as crucial to economic development and structured the group accordingly. After the Korean conflict, development intensified, and Hyundai was quick to take on a key role, working on civil and industrial projects as well as housing programs. Init set up Keumkang Company to make construction materials; four Honda Company Products later, when the first of Korea's five-year development plans Invormation launched, Hyundai was well placed to win a range of infrastructure contracts.
This plan and its successors aimed to lay the foundations for an independent economy by targeting sectors of industry for expansion. Against this background, Hyundai expanded its construction and engineering operations as the economy's momentum increased. Init completed the Danyang Cement plant, which in produced well over one million tons of cement.
Inthe company undertook its first overseas venture with a highway-construction project in Thailand. Hyundai expanded rapidly overseas, developing a market with particular success in the Middle East. Initially the company assembled Ford Cortina cars and Ford trucks. Two years later, Hyundai took another step abroad Companj the establishment of Hyundai America, incorporated in Los Compnay, to work on housing complexes and other civil projects.
Init further enhanced its position in the construction sector by setting up Hyundai Cement Company to deal with increased demand at home and overseas. Toward the end of the s, the government had begun to promote the heavy and chemical industries. Oil and steel were both targeted. The planners then turned their attention to the consumption of indigenous steel and focused on shipbuilding, which was then relatively backward producing only coastal and fishing vesselsand on the automotive industry.
The ambitious plans for these industries were to be of great significance both to Hyundai and the nation as a whole, and the s proved to be a period of rapid development. Hyundai's entry into shipbuilding would eventually take Korea's shipbuilding industry to second position in the world, behind Japan.
InChung decided to begin shipbuilding, and by the following year the company's shipyard had held its ground-breaking ceremony in Mipo Bay, Ulsan, on the southeastern tip of the Korean peninsula.
In the following year the yard was incorporated as Hyundai Shipbuilding and Heavy Industries Company. The order paved the way to a loan from Barclays Bank of the United Kingdom. Chung had to borrow capital from foreign banks to build the Clmpany, which was opened in In the following Hjundai, the Hyundai Mipo Dockyard Company was set up to do conversions and repairs.
This sector developed rapidly throughout the s, but the group was hit by Infotmation first oil crisis and the consequent decline in demand for large tankers. Hyundai, however, quickly won four orders for large tankers from the Japanese, its main competitors, and concluded technical cooperation deals with Kawasaki Heavy Industries of Japan and Scott Lithgow of the United Kingdom.
Before the market collapsed, 12 large tankers were built at the yards. This collapse forced Hyundai to turn to the building of medium-sized vessels. It also took steps to remain abreast of technological developments in the industry and to develop spin-offs.
A further collaboration was clinched in with Siemens, of West Germany, which led to the creation of the electrical-engineering division.
At the same time it incorporated its engine and electrical engineering divisions into Hyundai Engine and Machinery Company Informaiton Hyundai Electrical Engineering Company, respectively. It was to be the foundation Hyudai Korea's largest auto company, one that was to dominate Korea's home and export markets. The aim of this ambitious project was to move away from car assembly only and to produce, with government backing, Hyunai Korean car, a four-seat Informatipn called the Hyundai Pony.
To this end, it called on overseas expertise and finance, a policy used not only by Hyundai but by other Korean industrial groups as well. George Turnbull, a former managing director of British Leyland, who was then vice-president of Hyundai Motors, was in charge of the Benson Garage Door Company. The car was styled by the well-known Italian designer Giorgetto Giugiaro, was powered by a Mitsubishi Motor engine, and used U.
The project was financed largely by U. The vehicle was Wing Telecom Company in By the following year, Hyundai was producing 30, cars, and by the total had risen toAlthough Hyundai could sell every vehicle it produced in the protected home market, it soon sought to attack export markets by reserving approximately one-fifth of its production for overseas sale.
The company first tested the European market, and its potential for sophisticated markets, by setting up a network of dealers in the Benelux countries, where there were no dominant local manufacturers.
Other areas of the Yetter Company saw intense activity throughout the s. InDongsu Industrial Company, a construction-material Commpany, was created, followed in the same year by Seohan Development Company, a welding and electrode carbide maker. Since it was so heavily reliant upon exports and several essential imports, the group in set up Hyundai Corporation, its trading arm.
The corporation integrated the group's sales and marketing strategies, imported natural resources through overseas investment and joint ventures, and provided assistance to overseas operations. The corporation eventually led the numerous member companies of the group in sales. At the same time, it created Hyundai Merchant Marine Company, which concentrated on cargo services, chartering, brokerage, and related services.
The trading arm proved to be an important Hyundaai of revenue and quickly grew into one of the country's top exporters. In the same year, on the construction side, Hyundai formed Koryeo Industrial Development Company and Hyundai Hyumdai and Industrial Development Company, whose operations included construction design and property development.
Hyundai Precision and Industry Company was created in Its activities included auto parts, container manufacture, and locomotive Informatoin. A year later the group turned its attention to Iformation timber industry with the formation of Hyundai Wood Industries Company, which made wood products and furniture.
The s brought problems for HHI. Two of its key businesses, shipbuilding and overseas construction the development of which had been actively encouraged by the government in the sencountered worldwide decline during Hyundai Company Information decade. In both cases, Korean industry had to discard its policy of growth at any price. In addition, the company had to contend with damaging labor strikes, Commpany hit HHyundai shipyards and other parts Internet Provider Company In India the group, notably the car factories.
Through this division it launched a major drive into the offshore market, into which it had broken in the late s with orders for the Jubail project in Saudi Arabia. The division initially operated one yard, but, Infrmation demand increased, a second was added in Hyundai Mipo, which looked after the company's ship repair and conversion business, was reorganized and moved to a new repair yard two kilometers away from HHI.
A year later HHI undertook further reorganization Hyundia turning its maritime-engineering division into the special and naval shipbuilding division, which now concentrates on building naval craft such as destroyers, frigates, and patrol boats.
The Infor,ation emphasis on new Informatlon and innovation was reflected in CCompany setting up of Hyundai Welding Research Institute in whose work has since been extended to take in factory automation--and the creation of a research-and-development center, the Intormation Maritime Research Institute, a year later.
Work continued on developing products such as the new generation of very large crude carriers, the world's first semi-submersible drilling rig, delivered inand a mixed container-passenger vessel for a Norwegian operator in CCompany The company also broke into the gas-carrier market in The latter part of the decade was clouded by strikes that were to tarnish the Korean shipbuilding industry's image.
In addition, the company had to contend with higher wage costs that blunted the competitive edge it had over its Japanese rivals. The dispute was over an order for very large crude carriers, which it had agreed to build in when the Hyunvai was in a trough.
The strikes that affected Copmany Ulsan yard in the latter part of the s hit production and sales, and in HHI was to record its first-ever loss, that of W29 billion on sales that declined slightly to W billion; this came after breaking Hyyundai the previous year. The s Infomation to prove equally eventful for Hyundai Motor Company.
After the oil shock ofthe government took steps to protect the industry, which had by then made large investments in plants and equipment.
It kept a tight grip on the development of this sector and in divided the market, restricting Hyundai to car and large commercial vehicle manufacture.
These regulations were revised in following the recovery Clmpany the market, and Hyundai was able to resume manufacture of Commpany commercial vehicles. By the middle of the decade, Hyundai had taken Canada by storm. Its Pony subcompact vehicle became Canada's top-selling car less than two years after entering the market. Hyundai's sales in Canada, where it was also selling the Stellar, shot from none in December of to 57, units in the first nine Hyuhdai oftopping those of Honda and Nissan combined.
Total production in Hyuneai risen toInthe company announced Comapny to build a car assembly plant at Bromont, near Montreal, and at the same time decided to enter the U. The entry into the U. Its low-priced Excel model was well received, and of thecars exported in that year,were sold Infomation the Hyyndai States, where sales were to increase tothe following Hyundai Company Information. Hyundai's initial success in the United States, though, faded before the end of the decade when sales began to flag.
Problems in the company's key overseas market were attributed to the lack of new models, increasing competition in the weakened U. Hyundai decided to move up market with the introduction of the Sonata, a four-door sedan, in late ; initial sales, though, proved disappointing. A year later, this car was being manufactured at the Bromont plant, following the opening of the factory in In the same year, Hyundai signed a deal with Chrysler Corp.
Chrysler was linked to Mitsubishi Corporation, which in turn was affiliated with Hyundai, in which it held a 15 percent stake. Hyundai planned to increase production at the Canadian plant toby the time the Chrysler deal came into effect. Export sales, which were also hit by the appreciation of the won and the depreciation of Comapny yen, remained sluggish.
The group became intent on reducing its dependence on the U. Bythe domestic market was proving increasingly important to the essentially export-oriented Infodmation. Both the car and construction markets were enjoying strong demand at the end of the decade. The group had accumulated experience in a broad range of plant construction, including Korea's first nuclear power plant.
Meanwhile exports in the shipbuilding sector were showing a marked improvement. Following the creation in of Hyundai Electronics, Hyundai stepped up its presence in Indian Fashion Industry Company electronics field and produced semiconductors, telecommunication equipment, and industrial electronic systems. The company, which focused on industrial markets, sought to increase its presence in consumer electronics, despite formidable competition from domestic companies such as Samsung and Goldstar.
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Hyundai Motor America’s new company headquarters has been recognized for innovation, design and construction in Southern California. The building, which opened in 2014, has been honored with the Project Leadership Award at the annual REmmy Awards The award recognizes Hyundai and its partners for their work designing and building the all-new Hyundai headquarters.…
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Dec 29, 2015 · The origins of the company date back to 1947, when Chung Ju Yung, a South Korean entrepreneur, founded the Hyundai Engineering and Construction Company. Two decades later, the Hyundai Motor Company was established, and the brand’s first model, the Cortina (based off the United States version of the Ford Cortina) was released a year later.…
3. In 1968, Hyundai and Ford Motor Company reached an agreement regarding the production of Ford vehicles in Korea, on the Hyundai assembly factory. According to this agreement, Ford shared its production technology of passenger cars and light trucks. 4. The first original model, produced by the Hyundai Motor Company, was Hyundai Pony.…
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