Hyundai is the largest auto manufacturer in South Korea and one of the top five

in the world. The Hyundai Motor Group is part of the larger Hyundai Group,
which was founded by family patriarch Chung Ju-yung as a construction
company in 1947. Two decades later, the car manufacturing division was
created. In 1968, Hyundai produced its first vehicle, the Cortina, in conjunction
with the Ford Motor Company. By the mid-1970s, Hyundai produced its own
vehicle, the Pony, which debuted in 1975. In 1998, Hyundai acquired chief rival
Kia Motors. When the Hyundai conglomerate split into its various divisions in
1999, Chung Ju-yung’s eldest son Chung Mong-koo took the reins as CEO of
the Hyundai Motor Group. Under his leadership, the company has ranked #75
in Forbes’ list of World’s Most Valuable Brands a s well as #81 in Top
Regarded Companies.

Hyundai has built its automotive empire on delivering sleek, stylish cars that are
still affordable for most middle-class families. This is why the Hyundai Elantra
is their highest-selling vehicle. The Elantra has come to be known as an
excellent family car and a good all-around, mid-range sedan. Another top seller
in a higher tier is the Sonata, characterised by its athletic and functional look.

Popular consensus seems to be that so long as Hyundai continues to provide

quality affordable and fuel-efficient cars, they should be good in the long run.
The company is preparing for the roads of tomorrow by coming out with an all-
electric car that is expected to be one of most energy-efficient vehicles on the
market.

In 1946, after the liberation of Korea from Japanese control, Chung

started Hyundai and Hyundai Civil Industries in anticipation of the post-war
reconstruction and industrialization. Chung won major government contracts
and became responsible for building much of South Korea's transportation
infrastructure, including the Soyang Dam in 1967, the Gyeongbu Expressway in
1970, the world's largest shipyard in Ulsan, the Kori Nuclear Power
Plant among others. Chung also won contracts from the American military to
build facilities for their personnel as his younger brother could speak English
and was on good terms with the U.S. Army engineers.
During the North Korean invasion of 1950, Chung abandoned his construction
projects and fled with his younger brother to Busan for safety. His son, Chung
Mong-joon was born there. Chung continued to build onto the company by
gathering any kind of work he could get from the U.N. forces and the Korean
Ministry of Transportation.[3] Once Seoul was retaken by U.N. forces, Chung
reestablished the company and continued to gather more work from the
Americans.
From then on, Chung continued to grow and diversify the company into one of
South Korea's major chaebol (conglomerate). With no experience in
shipbuilding, he created the Ulsan shipyard, the largest shipyard in the world.
The first vessel was completed in three years (rather than the expected five) as
Chung had the shipyard and vessel built simultaneously. He introduced
the Hyundai Pony in 1975 and the Hyundai Excel in 1986 using European
expertise.
From the 1980s until recently, the Hyundai Group was split into many satellite
groups. Chung had a very successful career. In Seosan, he carried out a
successful reclamation project, using a decommissioned oil tanker as
a cofferdam.[8] In 1998, he herded 1,001 cows through the DMZ to North Korea,
which he claimed was a repayment 1,000 times over for a cow he took to afford
his ticket when he escaped his father's farm.[9] He was the first to propose
the Geumgangsan sightseeing excursions.[8] He founded the Hyundai Heavy
Steel Company which developed a non-dock ship-making method.
Chung's philanthropy distinguished him from the other businessmen of his
generation. In 1977, he founded the Asan Foundation with a scope of activities
comparable to those of the Ford or Rockefeller foundations. The foundation was
organized into four major areas of service: medical support, social welfare,
research and development, and a scholarship fund. Through its efforts, the
foundation established nine hospitals throughout South Korea, built Ulsan
Medical College, and funded the Asan Life Sciences Research Institute. The
foundation also initiated cooperative arrangements between industry and
academic institutions by supporting such academic research as the Sinyoung
Research Fund.
As one of the most recognized and admired business men in Korean history,
Chung's identity still pervades modern Korean society and industry. Business-
related events emphasizing creativity and innovation have been named after
him.[14] Much of the current success of Hyundai is widely attributed to Chung's
insight and resolution, ideals that the contemporary Hyundai leadership vow to
keep.