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 Headquarters of Hyundai inSeoul,South Korea | |
| Founded | 1947; 78 years ago (1947) |
|---|---|
| Founder | Chung Ju-yung |
| Headquarters | Hyundai Group Building, 194 Yulgok-ro, Jongno-gu,, South Korea |
Key people |
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| Korean name | |
| Hangul | 현대그룹 |
| Hanja | 現代그룹 |
| RR | Hyeondae geurup |
| MR | Hyŏndae kŭrup |
| Website | www |
Hyundai Group (Korean: 현대그룹;Korean pronunciation:[ˈçəːndɛ][1]) is a South Korean conglomerate founded byChung Ju-yung. The group was founded in 1947as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's secondchaebol. 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 the1997 Asian financial crisis and founder Chung Ju-yung's death, includingHyundai Motor Group,Hyundai Department Store Group, andHyundai Heavy Industries Group. The Hyundai Group now focuses on elevators and tourism toMount Kumgang.[needs update]
The name "Hyundai" comes from the Korean word현대 (Hanja:現代), meaning "modernity".[2]
In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established byChung Ju-yung.[3] Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam.[4] In 1950, Hyundai Togun was renamedHyundai 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.[citation needed]
In 1967,Hyundai Motors was established.[5] Hyundai Heavy Industries was founded in 1973,[6] and completed the construction of its first ships in June 1974.[7] In 1975, the group began construction on an integrated car factory and launched a new Korean vehicle. In 1973, the group's shipyard was incorporated as Hyundai Shipbuilding and Heavy Industries and renamed Hyundai Heavy Industries in 1978. In 1976,Hyundai Corporation was established as a trading arm. The same year, Asia Merchant Marine Co. established, later renamed Hyundai Merchant Marine.[citation needed]In 1977, Asan Foundation was established. In 1983 Hyundai entered the semiconductor industry through the establishment ofHyundai Electronics (renamedHynix in 2001).[8] In 1986, Hyundai Research Institute was established.[citation needed]
In 1986 a Hyundai-manufacturedIBM PC-XT compatible called theBlue 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.[9] In 1988, Asian Sangsun was established, renamedHyundai Logistics in 1992.[citation needed]
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.[4] In the same period it had total annual revenues of around US$90 billion and over 200,000 employees.[4] In December 1995, Hyundai announced a major management restructuring, affecting 404 executives.[10]
During 1997 Asian financial crisis, Hyundai acquiredKia Motors and LG Semi-Conductor.[citation needed]
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'sKumgangsan. In 1999,Hyundai Asan was established to operating Kumgang tourism, theKaesong Industrial Complex, and other inter-Korean work.[11] 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.[12][13] In 2001, the founder Chung Ju-yung died, and the Hyundai Group conglomerate continued to be dismantled.[14]
In 2007, Hyundai Construction Equipment India Pvt. Ltd. was established in India.[citation needed] In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.[15]As of 2023, Hyundai Group "includes divisions that build and export diesel and electriclocomotives, freight cars, and passenger coaches for the railroad industry, and offshore drilling and extraction equipment to theoil industry."[16] Hyundai's "[i]nternationalexports range from heavyindustrial equipment to consumer products, and includecement,pianos,military uniforms, and consumer electronics products. Hyundai is represented on allcontinents butAustralia, and has a number of international subsidiaries under its control."[16]
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As of 2017, these are the affiliated companies of the Hyundai Group.[17]
Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along withKia forms theHyundai Kia Automotive Group. Headquartered inSeoul,South Korea, Hyundai operates inUlsan, the world's largest integratedautomobile manufacturing facility,[2] 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 6,000dealerships andshowrooms worldwide. In 2012, Hyundai sold over 4.4 million vehicles worldwide. Popular models include theSonata andElantra mid-sized sedans.[18]
The Asan Foundation, established by Chung Ju-yung in 1977 with 50 percent of the stock ofHyundai Construction, subsidizes medical services in Korea primarily through theAsan Medical Center 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 annualFilial Piety Award.[19]
Hyundai, the South Korean maker of one of the hottest and cheapest compact cars on sale in the United States, is beginning to hawk its Blue Chip Computer in more than 500 discount stores nationwide. The unit is compatible with the IBM PC-XT.
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