Hyundai

Hyundai Group[1] (Hangul현대그룹; Hanja現代그룹, pronounced [hjə́ːndɛ]) is a South Korean business conglomerate headquartered in Seoul. It was founded by Chung Ju-yung in 1947 as a construction firm and Chung was directly in control of the company until his death in 2001.

Following the 1997 East Asian financial crisis and Chung's death, Hyundai underwent a major restructuring and break-up, which reduced the Hyundai Group's business to encompass only container shipping services, the manufacturing of lifts, and tourism. Today, most companies bearing the name Hyundai are not legally connected to Hyundai Group. They include Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company. However, most of the former subsidiaries of the Hyundai conglomerate continue to be run by relatives of Chung. If these companies were considered as forming a single broad family business, then it would remain the largest company in South Korea with enormous economic and political power in the country.

Hyundai Group
현대
現代
Conglomerate
Founded1947
FounderChung Ju-yung
HeadquartersSeoul, South Korea
Area served
Worldwide
Websitewww.hyundaigroup.com
Hyundai
Hangul
현대
Hanja
現代
Revised RomanizationHyeondae
McCune–ReischauerHyŏndae

Etymology

The name "Hyundai" comes from the Korean word 現代 (hanja form), which means "modernity".[2]

History

Hyundai was founded as a small construction firm by Chung Ju-yung in 1947.[3] Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam.[4]

Hyundai Motor Company was founded in 1967.[5] Hyundai Heavy Industries was founded in 1973,[6] and completed the construction of its first ships in June 1974.[7]

In 1983 Hyundai entered the semiconductor industry through the establishment of Hyundai Electronics (renamed Hynix in 2001).[8]

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]

Hyundai announced a major management restructuring in December 1995, affecting 404 executives.[10]

In April 1999 Hyundai announced a major 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.[11][12]

Operations

Hdhq
The former headquarters of Hyundai in Seoul, South Korea

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]

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 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.[13]

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.[14]

See also

References

  1. ^ Pronunciations in English vary. Among the variants are:
    • /ˈhjʌndeɪ/ HYUN-day or /ˈhʌndeɪ/ HUN-day
    • /ˈhjʌndaɪ/ HYUN-dy or /ˈhʌndaɪ/ HUN-dy
    • /haɪˈuːndaɪ/ hy-OON-dy or /hiˈuːndaɪ/ hee-OON-dy
    • /hiˈʌndeɪ/ hee-UN-day.
  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 0-415-77400-4.
  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". 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. ^ "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times. 22 April 1999. Retrieved 11 January 2012.
  12. ^ "Hyundai to shed 53 units in debt reduction plan". Asia Times. 27 April 1999. Retrieved 11 January 2012.
  13. ^ "Hyundai Global News".
  14. ^ Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN 0-415-36899-5

External links

A-League

The A-League is a professional men's soccer league run by Football Federation Australia (FFA). At the top of the Australian league system, it is the country's primary competition for the sport. The A-League was established in 2004 as a successor to the National Soccer League (NSL) and competition commenced in August 2005. The league is currently contested by ten teams; nine based in Australia and one based in New Zealand. It is known as the Hyundai A-League (HAL) through a sponsorship arrangement with the Hyundai Motor Company.

Seasons run from October to May and include a 27-round regular season followed by a Finals Series playoff involving the highest-placed teams, culminating in a grand final match. The winner of the regular season tournament is dubbed the 'premier' while the winner of the grand final is the season's 'champion'. This differs from the other major football codes in Australia, where 'premier' refers to the winner of the grand final and the winner of the regular season is the 'minor premier'.

Successful A-League clubs gain qualification into the continental competition, the Asian Football Confederation Champions League (ACL) also known as "AFC Champions League". Similar to the United States and Canada's Major League Soccer, as well as other professional sports leagues in Australia, Australia's A-League does not practice promotion and relegation.

Since the league's inaugural season, a total of seven clubs have been crowned A-League Premiers and six clubs have been crowned A-League Champions. The current premier is Perth Glory, who finished first in the 2018–19 A-League. The current champions are Melbourne Victory, who won the 2018 A-League Grand Final, equalling the record of four domestic titles held by Marconi Stallions, South Melbourne, and Sydney City. The A-League does not recognise the history of its predecessor, the National Soccer League (NSL) which was the nations premier football competition from 1977 to 2004.

Automotive industry in South Korea

The automotive industry in South Korea is the sixth-largest in the world measured by automobile unit production and the fifth-largest by automobile export volume.

While its initial operations were merely the assembling of parts imported from foreign companies, South Korea is today among the most advanced automobile-producing countries in the world. Annual domestic output first exceeded one million units in 1988. In the 1990s, the industry manufactured numerous in-house models, demonstrating not only its capabilities in terms of design, performance, and technology, but also signalling its coming of age.

Busan IPark

Busan IPark (Korean: 부산 아이파크) is a South Korean professional football club based in Busan, South Korea that currently competes in the K League 2. Its current home ground is Busan Gudeok Stadium. The club was one of the original five members of the K League and continuously competed in the first division from 1983 to 2015, when they were relegated. Initially, the club was simply called Daewoo in reference to the company that originally owned and financed it. Today they receive financial backing from the HDC Group.

Genesis Motor

Genesis Motor is the luxury vehicle division of the South Korean vehicle manufacturer Hyundai Motor Group. Initially envisioned along with the plan for Hyundai's new luxury sedan Hyundai Genesis in 2004, the Genesis brand was officially announced as a standalone marque on 4 November 2015.Manfred Fitzgerald, former director of brand and design at Lamborghini, is executive vice president. Luc Donckerwolke, former design director of Volkswagen Group subsidiaries Bentley, Lamborghini and Audi, has been leading the design of Genesis cars since early 2016. Albert Biermann, former head of BMW M performance division, oversees tuning and performance in his role as executive vice president of performance development and high performance vehicles. Sang-yup Lee, formerly at Bentley and Alexander (Sasha) Selipanov, formerly at Bugatti, lead exterior and advanced design. Fayez Rahman, former development leader at BMW, is vice-president of architecture development.

Hyundai Accent

The Hyundai Accent (Korean: 현대 엑센트), or Hyundai Verna (현대 베르나) in South Korea, is a subcompact car produced by Hyundai. In Australia, the first generation models carried over the Hyundai Excel name used by the Accent's predecessor. The Accent was replaced in 2000 by the Hyundai Verna in South Korea, although most international markets, including the US, retained the "Accent" name.

The Accent is produced for the Chinese market by Beijing Hyundai Co., a joint venture with Beijing Automotive Industry Corp. For the Russian market it is assembled by the TagAZ plant in Taganrog. In Mexico, the Accent was marketed until 2014 by Chrysler as the Dodge Attitude, previously known as the Verna by Dodge. In Venezuela, Chrysler marketed these models as the Dodge Brisa until 2006. The Brisa was assembled by Mitsubishi Motors at its plant in Barcelona, Venezuela. Since 2002, the Accent had been the longest-running small family car sold in North America. In Puerto Rico, it has been sold as the Hyundai Accent and Hyundai Brio too. In Russia, it is sold as the Hyundai Solaris.

In 2008, Hyundai Accent was named the most dependable sub-compact car by J.D. Power and Associates.

Hyundai Elantra

The Hyundai Elantra (Korean: 현대 엘란트라), or Hyundai Avante (현대 아반떼) in South Korea, is a compact car produced by the South Korean manufacturer Hyundai since 1990.

The Elantra was initially marketed as the Lantra in Australia and some European markets. In Australia, this was due to the similarly named Mitsubishi Magna Elante model. This gave rise to a disagreement with other motor manufacturers, and the name was standardized as "Elantra" worldwide in 2001 (except in Korea).

Hyundai Genesis

The Hyundai Genesis (Korean: 현대 제네시스) was an executive four-door, five passenger, rear or all-wheel-drive luxury sedan manufactured and marketed by Hyundai since 2008 and is now manufactured by Genesis as the Genesis G80.

It was introduced in concept form at the 2007 New York International Auto Show and was internally designated as the BH model. It was expected to cost $533 million to develop. Hyundai began marketing the first generation Genesis worldwide (with the exception of Europe) in 2008, as a "premium sports sedan".The second generation Genesis (internally designated as model DH) debuted in Seoul, Korea in November 2013 followed by the 2014 North American International Auto Show and Toronto Auto Show. It is marketed worldwide.

The name Genesis reflects Hyundai's first entry into the luxury market segment.On 4 November 2015, Hyundai officially announced the Genesis brand will be spun off into Genesis Motor, the new luxury vehicle division for Hyundai. The leap into a stand-alone, luxury brand comes on the heels of marked success in the luxury market, paired with consumer demand for the Genesis name. The Hyundai Genesis was rebranded in 2017 as Genesis G80.

Hyundai Heavy Industries

Hyundai Heavy Industries Co., Ltd. (or HHI) is the world's largest shipbuilding company. Its headquarters are in Ulsan, South Korea. HHI was founded in 1972 by Chung Ju-yung as a division of the Hyundai Group, and in 1974, completed building its first ships. In 2002, the company was spun-off from its parent company. HHI has four core business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, and Engine & Machinery. HHI also has five non-core related subsidiaries: Hyundai Electric & Energy Systems, Hyundai Construction Equipment, Hyundai Robotics, Hyundai Heavy Industries Green Energy, and Hyundai Global Service.The Hyundai Group started as a small South Korean construction firm in 1947, headed by its founder, Korean entrepreneur Chung Ju-Yung. Another widely known and closely related Korean company, the Hyundai Motor Company, was founded in 1967, five years prior to the founding of the Heavy Industry Group. The motor company was also founded by Chung.

The name is an informal romanisation of the Korean 현대 (hyeondae) meaning "contemporary", which was Chung's vision for the group of companies that he founded.

Hyundai Motor Company

The Hyundai Motor Company, commonly known as Hyundai Motors (Hangul: 현대자동차; Hanja: 現代自動車; RR: Hyeondae Jadongcha listen; Hangul: 현대; Hanja: 現代; MR: Hyŏndae, IPA: [hjə́ːndɛ], modernity; KRX: 005380), is a South Korean multinational automotive manufacturer headquartered in Seoul. The company was founded in 1967 and, along with its 32.8% owned subsidiary, Kia Motors, and its 100% owned luxury subsidiary Genesis Motor, altogether comprise the Hyundai Motor Group. It is the third largest vehicle manufacturer in the world.Hyundai operates the world's largest integrated automobile manufacturing facility in Ulsan, South Korea which has an annual production capacity of 1.6 million units. The company employs about 75,000 people worldwide. Hyundai vehicles are sold in 193 countries through some 5,000 dealerships and showrooms.

Hyundai Motor Group

The Hyundai Motor Group (IPA: [hjə́ːndɛ]; Hangul: 현대자동차그룹 Hyeondae Jadongcha Geurup; Hanja: 現代自動車그룹 Hyeondae Jadong-cha Geurup) (stylized as HYUNDAI) is a South Korean multinational conglomerate headquartered in Seoul, South Korea, and it is the largest car manufacturer in the country.

According to the Organisation Internationale des Constructeurs d'Automobiles, it was the world's third-largest vehicle manufacturer by production volume in 2016, behind Japanese Toyota and German Volkswagen Group.The group was formed through the purchase of 51% of South Korea's second largest car company, Kia Motors, by Hyundai Motor Company in 1998. As of December 31, 2013, Hyundai owns 33.88% of Kia Motors.

The Hyundai Kia Automotive Group also refers to the group of affiliated companies interconnected by complex shareholding arrangements, with Hyundai Motor Company regarded as the de facto representative of the group.

It is the second largest South Korean chaebol or conglomerate, after Samsung Group, related to other Hyundai-name industries following a specialized development split and restructuring which resulted in Hyundai Motor group, Hyundai Heavy Industries Group, Hyundai Development Company Group, Hyundai Department Store Group, and Hyundai Marine & Fire Insurance.

Following several years of rapid growth, the Group sold 8.01 million vehicles in 2015, falling short of its sales target. In 2017 the Group sold 7.25 million vehicles, the lowest since 2012.

Hyundai Rotem

Hyundai Rotem is a South Korean company manufacturing rolling stock, defense products and plant equipment. It is part of the Hyundai Motor Group. Its name was changed to the current one from Rotem in December 2007 to reflect its parent company.

Hyundai Sonata

The Hyundai Sonata (Korean: 현대 쏘나타) is a mid-size car produced by the South Korean manufacturer Hyundai since 1985. The first generation Sonata, which was introduced in 1985, was a facelifted Hyundai Stellar with an engine upgrade, and was withdrawn from the market in two years due to poor customer reactions. While the original was only sold in South Korea, with limited exports to Canada and New Zealand, the second generation of 1988 was widely exported.

Hyundai Tucson

The Hyundai Tucson (Korean: 현대 투싼) is a compact crossover SUV produced by the South Korean manufacturer Hyundai since 2004. In the brand's lineup, the Tucson fits below the Santa Fe and Veracruz. It is named after the city of Tucson, Arizona.

Hyundai i10

The Hyundai i10 is a city car produced by the South Korean manufacturer Hyundai since 2007. It replaced the Hyundai Atos in the model line-up, and was initially available only as a five door hatchback body style. The second generation of the car was presented in August 2013 and released in the beginning of 2014. A slightly larger version, the Grand i10, was developed primarily for the Asian market and was released in September 2013, together with a sedan model, the Hyundai Xcent. The third generation i10 will be launched in Q3 2019.

Jeonbuk Hyundai Motors FC

Jeonbuk Hyundai Motors (Korean: 전북 현대 모터스) is a professional football club based in North Jeolla Province, South Korea. Jeonbuk play at the Jeonju World Cup Stadium in Jeonju, the capital city of the province. Jeonbuk has won the K League six times, first in 2009. They have also won the Korean FA Cup three times, in 2000, 2003 and 2005. The club has won the AFC Champions League twice, first in 2006, becoming the first club from East Asia to win the tournament since the AFC Champions League was launched in its current format in 2003, and for a time being the only team in the world to have become continental champions without ever having won a domestic title. This title guaranteed Jeonbuk's participation in the FIFA Club World Cup in December 2006. They won the second title in 2016.

The club's color is green which is also the color of North Jeolla Province.

K League 1

The K League 1 (Hangul: K리그1) is one of South Korea's professional association football leagues. At the top of the South Korean football league system and contested by twelve clubs, it is the country's highest level of football competition.

Kia Motors

Kia Motors Corporation, commonly known as Kia Motors (Hangul: 기아자동차; Hanja: 起亞自動車, IPA: [ki.a], lit. "Kia automobile"; stylized as KIɅ), headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 3.3 million vehicles in 2015. As of December 2015, the Kia Motor Corporation is minority owned by Hyundai, which owns a 33.88% stake valued at just over US$6 billion. Kia in turn is a minority owner of more than twenty Hyundai subsidiaries ranging from 4.9% up to 45.37%, totaling more than US$8.3 billion.

Korean FA Cup

The Korean FA Cup is a national cup knockout competition involving K League 1, K League 2, National League, K3 League Advanced, K3 League Basic, and various amateur and university-level clubs, which is held annually by the Korea Football Association (KFA).

Its previous format began in 1921, as the All Joseon Football Tournament (1921–1940) and became the National Football Championship (1946–2000), but the FA Cup in it present format began in 1996. The KFA merged its cup competition with the FA Cup in 2000. The winner gains entry to the Asian Champions League.

Ulsan Hyundai FC

The Ulsan Hyundai Football Club is a South Korean professional football club, owned by the South Korean corporation Hyundai Heavy Industries. Established on 6 December 1983, they joined the K League in 1984 as Hyundai Horang-i. The home ground of the team is Ulsan Munsu Football Stadium.

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