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Hyundai Group

From Wikipedia, the free encyclopedia
Not to be confused with Hyundai Motor Group.
For other uses, see Hyundai (disambiguation) and Hyundai Group (disambiguation).

Hyundai Group
Founded1947; 77 years ago (1947)
FounderChung Ju-yung
Headquarters
Seoul
,
South Korea
Key people
Hyun Jeong-eun [ko]
(Chairman & CEO)
Websitewww.hyundaigroup.com/eng/
Hyundai Group
Hangul
현대그룹
Hanja
現代그룹
Revised RomanizationHyeondaegeurup
McCune–ReischauerHyŏndaegŭrup

Hyundai Group (Korean: 현대그룹; Korean pronunciation: [ˈhjəːndɛ][1]) is a South Korean conglomerate founded by Chung Ju-yung. 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, Hyundai Department Store Group, and Hyundai Heavy Industries Group. The Hyundai Group now focuses on elevators and tourism to Mount Kumgang.[needs update]

Etymology

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The name "Hyundai" comes from a Korean word (Korean: 현대; Hanja: 現代) that means "modernity".[2]

History

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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.[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]

The former headquarters of Hyundai in Seoul, South Korea

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.[citation needed]

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.[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 acquired Kia 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'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. 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 electric locomotives, freight cars, and passenger coaches for the railroad industry, and offshore drilling and extraction equipment to the oil industry."[16] Hyundai's "[i]nternational exports range from heavy industrial equipment to consumer products, and include cement, pianos, military uniforms, and consumer electronics products. Hyundai is represented on all continents but Australia, and has a number of international subsidiaries under its control."[16]

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  • 1957-1974 logo
    1957-1974 logo
  • 1974-1984 logo
    1974-1984 logo
  • The current logo in use since 1984
    The current logo in use since 1984
  • Hanja variant
    Hanja variant

Affiliated companies

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As of 2017, these are the affiliated companies of the Hyundai Group.[17]

Hyundai Motor Company

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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.[18]

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.[19]

See also

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References

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  1. ^ Pronunciations in English vary. Among the variants are:
  2. ^ a b Taylor III, Alex (5 January 2010). "Hyundai smokes the competition". CNN Money. Retrieved 11 January 2012.
  3. ^ "The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
  4. ^ a b c Rowley, Chris; Paik, Yongsun (2009). The Changing Face of Korean Management. Taylor & Francis. p. 10. ISBN 978-0-415-77400-0.
  5. ^ "Chung Ju Yung, Founder of Hyundai Empire, Dies at 85". The New York Times. 22 March 2001. Retrieved 11 January 2012.
  6. ^ "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.
  7. ^ Steers, Richard (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. Routledge. p. 96. ISBN 0-415-92050-7.
  8. ^ "Hyundai Electronics to Be Renamed Hynix". The New York Times. 9 March 2001. Retrieved 10 April 2012.
  9. ^ "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.
  10. ^ "Hyundai Announces Management Changes". The New York Times. 29 December 1995. Retrieved 11 January 2012.
  11. ^ "History of Hyundai Group".
  12. ^ "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times. 22 April 1999. Retrieved 11 January 2012.
  13. ^ "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.
  14. ^ Hyundai Group – Company History
  15. ^ "Hyundai Group acquires Hyundai E&C". Added Latest Acquisition. Retrieved 17 November 2010.
  16. ^ a b "Hyundai Group". Encyclopedia Britannica. 19 May 2023. Retrieved 19 May 2023.
  17. ^ "Affiliated Companies of Hyundai Group".
  18. ^ "Hyundai Global News". Archived from the original on 18 November 2013. Retrieved 31 July 2019.
  19. ^ Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN 0-415-36899-5
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