Hyundai Group facts for kids

Quick facts for kids
Hyundai Group

Founded	1947; 78 years ago (1947)
Founder	Chung Ju-yung
Headquarters	Seoul , South Korea
Key people	Hyun Jeong-eun [ko] (chairman & CEO)

The Hyundai Group is a big business group from South Korea. It was started by a person named Chung Ju-yung. The group began in 1947 as a company that built things.

With help from the government, Chung and his family quickly grew the business. They expanded into many different areas. Hyundai became one of South Korea's largest chaebols. A chaebol is a large family-controlled business group. Chung Ju-yung led the company until he passed away in 2001.

After a tough economic time in Asia in 1997, and after Chung Ju-yung's death, many parts of the company became separate businesses. These included Hyundai Motor Group (which makes cars), Hyundai Department Store Group, and Hyundai Heavy Industries Group. Today, the Hyundai Group mainly focuses on making elevators and offering tours to a place called Mount Kumgang.

What Does "Hyundai" Mean?

The name "Hyundai" comes from a Korean word. That word is Hangul: 현대 (hanja: 現代). It means "modernity" or "being modern."

How Hyundai Group Started and Grew

Early Days and Construction

In 1947, Chung Ju-yung started a company called Hyundai Togun. This was the very first company of the Hyundai Group. It was a construction company.

In 1950, Hyundai Togun changed its name to Hyundai Construction. In 1958, another company, Keumkang Company, was started to make building materials.

Hyundai Construction began working outside South Korea in 1965. Their first international project was building a highway in Thailand. They also worked in Guam and Vietnam.

Expanding into New Industries

In 1967, Hyundai Motors was created to make cars. This was a big step for the group.

Then, in 1973, Hyundai Heavy Industries was founded. This company built large ships. They finished their first ships in June 1974. In 1975, Hyundai started building a car factory and launched a new Korean car.

The former headquarters of Hyundai in Seoul, South Korea

In 1976, Hyundai Corporation was set up to handle trading. Also in 1976, Asia Merchant Marine Co. was established, which later became Hyundai Merchant Marine.

The Asan Foundation was started in 1977. In 1983, Hyundai entered the world of computer chips. They created Hyundai Electronics, which later became Hynix in 2001. In 1986, the Hyundai Research Institute was established to do research.

Growth and Changes in the 1990s

By the mid-1990s, Hyundai had grown very large. It included over 60 different companies. These companies were involved in many areas. They made cars, built things, worked with chemicals, electronics, and even financial services. They also built heavy machinery and ships.

At this time, Hyundai had huge yearly earnings. They also employed more than 200,000 people. In 1995, Hyundai made big changes to its management team.

During the Asian financial crisis in 1997, Hyundai bought Kia Motors and LG Semi-Conductor. This was a challenging time for many businesses.

Restructuring and New Focus

In 1998, South Korea faced an economic crisis. This made the Hyundai Group start to reorganize. They sold off some companies and decided to focus on five main business areas.

Even during this time, Hyundai began a special project. They started tourism for South Koreans to visit Kumgangsan in North Korea. In 1999, Hyundai Asan was created to manage these tours. This company also worked on the Kaesong Industrial Complex and other projects between North and South Korea.

In April 1999, Hyundai announced a huge plan to change its structure. They aimed to reduce the number of business units by two-thirds. The goal was to split the group into five independent business groups by 2003. When the founder, Chung Ju-yung, passed away in 2001, the Hyundai Group continued to be broken down into separate companies.

In 2007, Hyundai Construction Equipment India Pvt. Ltd. was set up in India. In 2010, Hyundai Group was chosen to buy Hyundai Engineering & Construction.

As of 2023, the Hyundai Group still has important divisions. They build and sell diesel and electric locomotives (train engines). They also make freight cars and passenger coaches for railroads. Another part of the group makes offshore drilling equipment for the oil industry.

Hyundai's international sales include many different products. These range from heavy industrial equipment to things people use every day. They sell cement, pianos, military uniforms, and consumer electronics. Hyundai has a presence on almost all continents. They also have many international companies that they control.

Hyundai Logos Over Time

• 

  1957-1974 logo

• 

  1974-1984 logo

• 

  The current logo in use since 1984

• 

  Hanja variant

Companies Connected to Hyundai Group

As of 2017, these are some of the companies that are part 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

About Hyundai Motor Company

Cars with the Hyundai brand are made by Hyundai Motor Company. This company, along with Kia, forms the Hyundai Kia Automotive Group. Hyundai Motor Company's main office is in Seoul, South Korea.

Hyundai has the world's largest car manufacturing factory in Ulsan. This factory can make 1.6 million cars every year. The company employs about 75,000 people around the world. Hyundai cars are sold in 193 countries. They are sold through about 6,000 car dealerships and showrooms worldwide. In 2012, Hyundai sold over 4.4 million cars globally. Some popular models include the Sonata and Elantra sedans.

Asan Foundation's Work

The Asan Foundation was started by Chung Ju-yung in 1977. He used 50 percent of the stock from Hyundai Construction to create it. This foundation helps provide medical services in Korea. It mainly does this through the Asan Medical Center and six other hospitals.

The foundation has also supported meetings about Eastern ethics. It has funded academic research into traditional Korean culture. In 1991, it started an annual award for Filial Piety, which honors respect for parents and elders.

See also

• Economy of South Korea
• Chaebol
• Hyundai Motor Company