Hyundai Group (IPA: [ˈhjəːndɛ];[1]Korean: 현대그룹; Hanja: 現代그룹) 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.
In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by Chung 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 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.[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 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).[8]
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.[9]
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.[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 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.[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. established in India.
In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.[15]
Logo
1957-1974 logo
1974-1984 logo
The current logo in use since 1984
Hanja variant
Affiliated companies
As of 2017, these are the affiliated companies of the Hyundai Group.[16]
Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia forms the Hyundai Kia Automotive Group. Headquartered in Seoul, South Korea, Hyundai operates in Ulsan the world's largest integrated automobile 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 6,000 dealerships and showrooms worldwide. In 2012, Hyundai sold over 4.4 million vehicles worldwide. Popular models include the Sonata and Elantra mid-sized sedans.[17]
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 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.[18]
^ abTaylor III, Alex (5 January 2010). "Hyundai smokes the competition". CNN Money. Retrieved 11 January 2012.
^"The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
^ abcRowley, Chris; Paik, Yongsun (2009). The Changing Face of Korean Management. Taylor & Francis. p. 10. ISBN978-0-415-77400-0.
^"Chung Ju Yung, Founder of Hyundai Empire, Dies at 85". The New York Times. 22 March 2001. Retrieved 11 January 2012.
^"As Korean Heirs Feud, an Empire Is Withering; Change and Frail Finances Doom the Old Hyundai". The New York Times. 26 April 2001. Retrieved 11 January 2012.
^Steers, Richard (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. Routledge. p. 96. ISBN0-415-92050-7.
^"Hyundai Electronics to Be Renamed Hynix". The New York Times. 9 March 2001. Retrieved 10 April 2012.
^"IBM home computer clones stream in with quality, low prices". The Christian Science Monitor. 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.
^"Hyundai Announces Management Changes". The New York Times. 29 December 1995. Retrieved 11 January 2012.
^"Hyundai Global News". Archived from the original on 2013-11-18. Retrieved 2019-07-31.
^Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN0-415-36899-5
External links
Wikimedia Commons has media related to Hyundai.
Hyundai Group (in Korean) Website
Hyundai Group (in English) Homepage
Funding Universe profile
Hyundai Power Equipment (UK)
April 26, 2023
hyundai, group, other, uses, hyundai, disambiguation, disambiguation, ˈhjəːndɛ, korean, 현대그룹, hanja, 現代그룹, south, korean, conglomerate, founded, chung, yung, first, company, group, founded, 1947, construction, company, with, government, assistance, chung, fami. For other uses see Hyundai disambiguation and Hyundai Group disambiguation Hyundai Group IPA ˈhjeːndɛ 1 Korean 현대그룹 Hanja 現代그룹 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 Hyundai GroupFounded1947 76 years ago 1947 FounderChung Ju yungHeadquartersSeoul South KoreaKey peopleHyun Jeong eun Chairman amp CEO Websitewww wbr hyundaigroup wbr com wbr eng wbr Hyundai GroupHangul현대Hanja現代Revised RomanizationHyeondaeMcCune ReischauerHyŏndaeThe 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 Hyundai Department Store Group and Hyundai Heavy Industries Group The Hyundai Group now focuses on elevators and tourism to Mount Kumgang needs update Contents 1 Etymology 2 History 3 Logo 4 Affiliated companies 4 1 Hyundai Motor Company 5 See also 6 References 7 External linksEtymology EditThe name Hyundai comes from the Korean word 現代 hanja form which means modernity 2 History Edit The former headquarters of Hyundai in Seoul South Korea In 1947 Hyundai Togun Hyundai Engineering and Construction the initial company of the Hyundai Group was established by Chung 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 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 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 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 8 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 9 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 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 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 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 established in India In 2010 Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering amp Construction 15 Logo Edit 1957 1974 logo 1974 1984 logo The current logo in use since 1984 Hanja variantAffiliated companies EditAs of 2017 these are the affiliated companies of the Hyundai Group 16 Hyundai Elevator Hyundai Movex Hyundai Asan Hyundai Research Institute Hyundai Investment Partners Hyundai Global Able Hyundai Hotel amp Resort BloomvistaHyundai Motor Company Edit Main article 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 South Korea Hyundai operates in Ulsan the world s largest integrated automobile 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 6 000 dealerships and showrooms worldwide In 2012 Hyundai sold over 4 4 million vehicles worldwide Popular models include the Sonata and Elantra mid sized sedans 17 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 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 18 See also EditPortals South Korea Companies Economy of South Korea Chaebol Hyundai Motor CompanyReferences Edit Pronunciations in English vary Among the variants are ˈ h j ʌ n d eɪ HYUN day or ˈ h ʌ n d eɪ HUN day ˈ h j ʌ n d aɪ HYUN dye or ˈ h ʌ n d aɪ HUN dye h aɪ ˈ uː n d aɪ hy OON dye or h i ˈ uː n d aɪ hee OON dye h i ˈ ʌ n d eɪ hee UN day a b Taylor III Alex 5 January 2010 Hyundai smokes the competition CNN Money Retrieved 11 January 2012 The last emperor The Economist 4 February 1999 Retrieved 11 January 2012 a b c Rowley Chris Paik Yongsun 2009 The Changing Face of Korean Management Taylor amp Francis p 10 ISBN 978 0 415 77400 0 Chung Ju Yung Founder of Hyundai Empire Dies at 85 The New York Times 22 March 2001 Retrieved 11 January 2012 As Korean Heirs Feud an Empire Is Withering Change and Frail Finances Doom the Old Hyundai The New York Times 26 April 2001 Retrieved 11 January 2012 Steers Richard 1999 Made in Korea Chung Ju Yung and the Rise of Hyundai Routledge p 96 ISBN 0 415 92050 7 Hyundai Electronics to Be Renamed Hynix The New York Times 9 March 2001 Retrieved 10 April 2012 IBM home computer clones stream in with quality low prices The Christian Science Monitor 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 Hyundai Announces Management Changes The New York Times 29 December 1995 Retrieved 11 January 2012 History of Hyundai Group Hyundai Gives In to Seoul Pressure on Chaebol The New York Times 22 April 1999 Retrieved 11 January 2012 Hyundai to shed 53 units in debt reduction plan Asia Times 27 April 1999 Archived from the original on 25 September 2000 Retrieved 11 January 2012 a href Template Cite news html title Template Cite news cite news a CS1 maint unfit URL link Hyundai Group Company History Hyundai Group acquires Hyundai E amp C Added Latest Acquisition Retrieved 17 November 2010 Affiliated Companies of Hyundai Group Hyundai Global News Archived from the original on 2013 11 18 Retrieved 2019 07 31 Callahan William A 2006 Cultural Governance and Resistance in Pacific Asia p 113 Taylor amp Francis ISBN 0 415 36899 5External links Edit Wikimedia Commons has media related to Hyundai Hyundai Group in Korean Website Hyundai Group in English Homepage Funding Universe profile Hyundai Power Equipment UK Retrieved from https en wikipedia org w index php title Hyundai Group amp oldid 1144751048, wikipedia, wiki, book, books, library,
