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Draft:Hyundai (disambiguation)

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This article is about the Hyundai chaebol prior to the completion of its break-up in 2003. For the continuing rump entity, see Hyundai Group.
Hyundai
Company typePublic company
IndustryConglomerate
Founded1947
FounderChung Ju-yung
Defunct2003
FateBroken-up
HeadquartersSeoul, South Korea
Area served
Worldwide
ProductsAutomobiles
Heavy industry
Finance and Insurance
Construction
Engineering
Retail
Aerospace
Defense
Steel
Hyundai
Hangul
현대
Hanja
現代
Revised RomanizationHyeondae
McCune–ReischauerHyŏndae

Hyundai (Korean: 현대; Hanja: 現代; /ˈhjʌndɛ/)[1] was a multinational conglomerate company headquartered in Seoul and one of the largest South Korean chaebol. It was founded by Chung Ju-yung in 1947 as a construction company and Chung was directly in control of the company until his death in 2001.

Hyundai underwent a major restructuring and break-up following the 1997 East Asian financial crisis and Chung's death, following which the rump Hyundai Group's business was reduced to container shipping services, the manufacturing of elevators and tourism. Today many companies bearing the name Hyundai are not legally connected to Hyundai Group, including Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company.

Most of the former subsidiaries of the Hyundai chaebol continue to be run by Chung's sons or their heirs. If these companies are considered as forming a broad family business, then it remains the single largest company in South Korea, with enormous economic and political power in the country.

Name

The word "Hyundai" means "modernity" in Korean.[2]

History

The former headquarters of Hyundai in Seoul

Hyundai was founded as a small construction firm by Chung Ju-yung in 1947.[3]

Hyundai Motor Company was founded in 1967.[4] Hyundai Heavy Industries was founded in 1973,[5] and completed the construction of its first ships in June 1974.[6]

In 1983 Hyundai entered the semiconductor industry through the establishment of Hyundai Electronics (renamed Hynix in 2001).[7]

Hyundai announced a major management restructuring in December 1995, affecting 404 executives.[8]

In April 1999 Hyundai announced a major 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.[9][10]

Hyundai Motor Company

Main article: Hyundai Motor Company

Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia comprises the Hyundai Kia Automotive Group. Headquartered in Seoul, South Korea, Hyundai operates the world's largest integrated automobile manufacturing facility[11] in Ulsan, which is capable of producing 1.6 million units annually. The company employs about 75,000 persons around the world. Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms worldwide. In 2010, Hyundai sold over 1.7 million vehicles worldwide. Popular models include the Sonata midsize sedan and Elantra compact.[12]

Corporate social responsibility

Hyundai and its subsidiaries created a variety of initiatives in the social sphere, initially in Korea and then internationally as the company expanded. 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 also sponsored conferences on Eastern ethics and funded academic research into traditional Korean culture. In 1991, it established the annual Filial Piety Award.[13]

See also

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References

  1. ^ Pronunciations in English vary. Among the variants are: The closest English pronunciation to the original Korean would be /ˈhjʌndɛ/ HYUN-deh, but the final vowel is checked and cannot occur word-final in English.
  2. ^ "Hyundai smokes the competition". CNN Money. 5 January 2010. Retrieved 11 January 2012.
  3. ^ "The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
  4. ^ "Chung Ju Yung, Founder of Hyundai Empire, Dies at 85". The New York Times. 22 March 2001. Retrieved 11 January 2012.
  5. ^ "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.
  6. ^ Steers, Richard (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. Routledge. p. 96. ISBN 0415920507, 9780415920506. {{cite book}}: Check |isbn= value: invalid character (help)
  7. ^ "Hyundai Electronics to Be Renamed Hynix". The New York Times. 9 March 2001. Retrieved 10 April 2012.
  8. ^ "Hyundai Announces Management Changes". The New York Times. 29 December 1995. Retrieved 11 January 2012.
  9. ^ "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times. 22 April 1999. Retrieved 11 January 2012.
  10. ^ "Hyundai to shed 53 units in debt reduction plan". Asia Times. 27 April 1999. Retrieved 11 January 2012.
  11. ^ Taylor III, Alex (2010-01-05). "Hyundai smokes the competition". CNN.
  12. ^ The Wall Street Journal. Auto Sales
  13. ^ Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN 0415368995
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