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Hyundai Group (; ) is a South Korean conglomerate founded by
Chung Ju-yung Chung Ju-yung or Jung Joo-young (; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farme ...
. 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. Several dozen large South Kore ...
. 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 1997 Asian financial crisis gripped much of East Asia, East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide eco ...
and founder Chung Ju-yung's death, including
Hyundai Motor Group The Hyundai Motor Group (HMG; ; stylized as HYUNDAI) 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 a ...
,
Hyundai Department Store Group Hyundai Department Store Group () is a South Korean retail conglomerate that spun off from Hyundai Group in 1999. The company began as Keumgang Development Industries established in 1971. It opened its first store in Ulsan in 1977. The flags ...
, 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 (), meaning "modernity".


History

In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by
Chung Ju-yung Chung Ju-yung or Jung Joo-young (; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farme ...
. 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 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.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 Kia Corporation (, formerly known as Kyungsung Precision Industry (京城精密工業) and Kia Motors Corporation) is a South Korean multinational corporation, multinational Automotive industry, automobile manufacturer headquartered in Seoul, ...
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. was established in India. In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction. As of 2023, Hyundai Group "includes divisions that build and export diesel and electric
locomotive A locomotive is a rail transport, rail vehicle that provides the motive power for a train. Traditionally, locomotives pulled trains from the front. However, Push–pull train, push–pull operation has become common, and in the pursuit for ...
s, freight cars, and passenger coaches for the railroad industry, and offshore drilling and extraction equipment to the
oil industry The petroleum industry, also known as the oil industry, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products ...
." Hyundai's " ternational
export An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is a ...
s range from heavy
industrial equipment Industrial technology is the use of engineering and manufacturing technology to make production faster, simpler, and more efficient. The industrial technology field employs creative and technically proficient individuals who can help a company ac ...
to consumer products, and include
cement A cement is a binder, a chemical substance used for construction that sets, hardens, and adheres to other materials to bind them together. Cement is seldom used on its own, but rather to bind sand and gravel ( aggregate) together. Cement mi ...
,
piano A piano is a keyboard instrument that produces sound when its keys are depressed, activating an Action (music), action mechanism where hammers strike String (music), strings. Modern pianos have a row of 88 black and white keys, tuned to a c ...
s,
military uniform A military uniform is a standardised clothing, dress worn by members of the armed forces and Paramilitary, paramilitaries of various nations. Military dress and styles have gone through significant changes over the centuries, from colourful ...
s, and consumer electronics products. Hyundai is represented on all
continent A continent is any of several large geographical regions. Continents are generally identified by convention (norm), convention rather than any strict criteria. A continent could be a single large landmass, a part of a very large landmass, as ...
s but
Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
, and has a number of international subsidiaries under its control."


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 Power Equipment
* Hyundai Elevator * Hyundai Movex * Hyundai Asan * Hyundai Research Institute * Hyundai Investment Partners * Hyundai Global * Able Hyundai Hotel & Resort * Bloomvista * Hyundai Network * Hyundai GBFMS


Hyundai Motor Company

Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia forms the Hyundai Kia Automotive Group. Headquartered in
Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
,
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...
, 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, neighbo ...
the world's largest integrated
automobile A car, or an automobile, is a motor vehicle with wheels. Most definitions of cars state that they run primarily on roads, Car seat, seat one to eight people, have four wheels, and mainly transport private transport#Personal transport, peopl ...
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 In music a sonata (; pl. ''sonate'') literally means a piece ''played'' as opposed to a cantata (Latin and Italian ''cantare'', "to sing"), a piece ''sung''. The term evolved through the history of music, designating a variety of forms until th ...
and Elantra mid-sized sedans. The Asan Foundation, established by
Chung Ju-yung Chung Ju-yung or Jung Joo-young (; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farme ...
in 1977 with 50 percent of the stock of Hyundai Construction, subsidizes medical services in Korea primarily through the Asan 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 annual
Filial Piety Filial piety is the virtue of exhibiting love and respect for one's parents, elders, and ancestors, particularly within the context of Confucian ethics, Confucian, Chinese Buddhism, Chinese Buddhist ethics, Buddhist, and Daoism, Daoist ethics. ...
Award.Callahan, William A. (2006)
''Cultural Governance and Resistance in Pacific Asia''
p. 113. Taylor & Francis.


See also

* Economy of South Korea *
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. Several dozen large South Kore ...
*
Hyundai Motor Company Hyundai Motor Company, often referred to as Hyundai Motors, ( ) and commonly known as Hyundai (), is a South Korean multinational corporation, multinational Automotive industry, automotive manufacturer headquartered in Seoul, South Korea, which ...


References


External links


Hyundai Group Website

Hyundai Group Homepage



Hyundai Power Equipment (UK)
{{Authority control 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 Computer companies of South Korea Computer hardware companies Electronics companies of South Korea Manufacturing companies established in 1947 Vehicle manufacturing companies established in 1947 South Korean brands