The name "Hyundai" comes from the Korean word , which means "modernity".
History
In 1947, Hyundai Togun, the initial company of the Hyundai Group, was established by Chung Ju-yung. 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 begins 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 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 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.
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.
As of February 2007, these are the affiliated companies of the Hyundai Group.
Hyundai Construction Equipment India Pvt. Ltd.
Hyundai Construction Equipment Americas, Inc.
Hyundai Asan
Hyundai Elevator
Hyundai Merchant Marine
Hyundai Research Institute
Hyundai U&I
Hyundai Welding
Hyundai Power Equipment
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, 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. 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.
Before restructuring, Hyundai's major areas of activity included shipbuilding, car manufacture, construction, retailing, finance, and electronics. After founder Chung Ju-yung's death in 2001, the component companies of Hyundai were split off into separate companies.
