Hyundai Motor Company (Hyundai) is the world’s fifth largest automobile company. It is the South Korea based global manufacturer of automobiles, and operates as a unit of Hyundai Motor Group. The company along with its subsidiaries and affiliates is involved in the design, development and manufacturing of passenger cars under the brand names of Equus, Genesis, Genesis Coupe, Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20, i10 and recreational vehicles under the brand names of Veracruz/ix55, Santa Fe, Tucson/ix35, ix20, and H-1 and commercial vehicles which include medium and heavy duty automobiles and relevant parts. The company maintains a global production system consisting of manufacturing plants and operational facilities in Korea, the US, China, India, Turkey, Czech Republic, Russia, and Brazil.
It maintains a global base of technical research centers in Korea, the US, Germany, Japan, and India. The company market its products in more than 180 countries through its operational network of 32 overseas production and sales subsidiaries, and more than 6,000 dealers. Hyundai is headquartered in Seoul, South Korea.
The company’s strategic intent focuses on maintaining its leading position in the global automotive market. The company recently adopted a new management concept to focus on the development of a global production system with emphasis on emerging markets such as China India, and Brazil. Recently, the company in collaboration with KOICA and PLAN Korea, planned to launch a project related to the development of technical training centre for automobile repair in several African nations.
Key Recent Developments of Hyundai Motor Company
Chung Ju-Yung as a small engineering and construction company founded the Hyundai in 1947. In 1965 Hyundai began its operations outside South Korea, expanding production to Thailand, Vietnam and Guam. The name Hyundai is a Korean word meaning ‘Modernity’. The Hyundai motor company was founded in 1967. This famous company has been involved in construction, electronics, chemicals, shipbuilding, heavy industry and financial services.
The company’s first model was released with the cooperation with Ford motor company, the Cortina in 1968. In 1967, they began exporting to Ecuador and Benelux countries. In 1991, Hyundai successfully developed its own proprietary gasoline engine. Hyundai Motors India Limited was established in 1996 with its production plant in Irrungattukatoi near Chennai, India.
In 1998, Hyundai became a world class brand. During 1999, Chung Mong Koo, son of Chung Ju Yung was given leadership of Hyundai Motors. In 2004 a survey by Power and Associates ranked Hyundai the second in initial quality.