Revision 851634065 of "Hyundai" on enwiki

{{hatnote|For the automobile manufacturer, see [[Hyundai Motor Company]].  This article is about the Hyundai Group before the completion of its break-up in 2003. For the continuing non-automobile manufacturer, see [[Hyundai Group]]. }}
{{other uses}}
{{short description|Multinational conglomerate headquartered in Seoul}}
{{merge to|Hyundai Group|date=March 2018}}
{{Infobox company
|company name  = Hyundai Chung Ju-yung car <br /><small>{{nobold|{{lang|ko|현대}}</small><br /><small>{{lang|ko|現代}}</small>}}
|logo          = Hyundai logo (english).svg
|logo_size     = 230px
|image         = 
|image_caption =
|type          = Enterprise Group
|fate          = Broken up 
|foundation    = 1947
|founder       = [[Chung Ju-yung]] 
|location      = [[Seoul]], [[South Korea]]
|area_served   = Worldwide
|industry      = [[Conglomerate (company)|Conglomerate]]
|products      = 
|revenue       = 
|net_income    = 
|assets        = 
|num_employees = 
|homepage      = www.hyundaigroup.com
}}
{{Infobox Korean name
|hangul    = {{lang|ko|현대}}
|hanja     = {{lang|ko|現代}}
|rr        = Hyeondae
|mr        = Hyŏndae
}}

'''Hyundai Group'''<ref>Pronunciations in English vary. Among the variants are:
*{{IPAc-en|ˈ|h|j|ʌ|n|d|eɪ}} {{respell|HYUN|day}} or {{IPAc-en|ˈ|h|ʌ|n|d|eɪ}} {{respell|HUN|day}}
*{{IPAc-en|ˈ|h|j|ʌ|n|d|aɪ}} {{respell|HYUN|dy}} or {{IPAc-en|ˈ|h|ʌ|n|d|aɪ}} {{respell|HUN|dy}}
*{{IPAc-en|h|aɪ|ˈ|uː|n|d|aɪ}} {{respell|hy|OON|dy}} or {{IPAc-en|h|i|ˈ|uː|n|d|aɪ}} {{respell|hee|OON|dy}}
*{{IPAc-en|h|i|ˈ|ʌ|n|d|eɪ}} {{respell|hee|UN|day}}.</ref> ({{Korean|hangul = 현대그룹|hanja={{lang|ko|現代그룹}}}}, {{IPA-ko|çjəːndɛ|pron}}) is a [[Multinational corporation|multinational]]  (conglomerate) headquartered in [[Seoul]], [[South Korea]]. 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.

==Etymology==
The name "Hyundai" comes from the Korean word {{lang|ko|{{linktext|現代}}}} ([[hanja]] form), which means "modernity".<ref name=smokescompetition>{{cite news|url=http://money.cnn.com/2010/01/04/autos/hyundai_competition.fortune/index.htm|title=Hyundai smokes the competition|accessdate=11 January 2012|publisher=CNN Money|date=5 January 2010|first=Alex|last=Taylor III}}</ref>

== History ==
Hyundai was founded as a small construction firm by [[Chung Ju-yung]] in 1947.<ref>{{cite news|url=http://www.economist.com/node/185337|title=The last emperor|accessdate=11 January 2012|publisher=The Economist|date=4 February 1999}}</ref> Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam.<ref name=changeface>{{cite book |title=The Changing Face of Korean Management|first1=Chris|last1=Rowley|first2=Yongsun|last2=Paik|publisher=Taylor & Francis|year=2009|isbn=0-415-77400-4|page=10 |url=https://books.google.com/books?id=1NjXR2ZTl9gC&dq=The+Changing+Face+of+Korean+Management&source=gbs_navlinks_s}}</ref>

Hyundai Motor Company was founded in 1967.<ref>{{cite news|url=https://www.nytimes.com/2001/03/22/news/22iht-a4_66.html?pagewanted=1|title=Chung Ju Yung, Founder of Hyundai Empire, Dies at 85|accessdate=11 January 2012|publisher=The New York Times|date=22 March 2001}}</ref> Hyundai Heavy Industries was founded in 1973,<ref>{{cite news|url=https://www.nytimes.com/2001/04/26/business/korean-heirs-feud-empire-withering-change-frail-finances-doom-old-hyundai.html?src=pm|title=As Korean Heirs Feud, an Empire Is Withering; Change and Frail Finances Doom the Old Hyundai|accessdate=11 January 2012|publisher=The New York Times|date=26 April 2001}}</ref> and completed the construction of its first ships in June 1974.<ref>{{cite book |title=Made in Korea: Chung Ju Yung and the Rise of Hyundai|first1=Richard |last1=Steers |publisher=Routledge|year=1999|isbn=0-415-92050-7|page=96 |url=https://books.google.com/books?id=UecUDMPIUIUC&dq=Made+in+Korea:+Chung+Ju+Yung+and+the+Rise+of+Hyundai&source=gbs_navlinks_s}}</ref>

In 1983 Hyundai entered the semiconductor industry through the establishment of Hyundai Electronics (renamed [[Hynix]] in 2001).<ref>{{cite news|url=https://www.nytimes.com/2001/03/09/business/hyundai-electronics-to-be-renamed-hynix.html|title=Hyundai Electronics to Be Renamed Hynix|accessdate=10 April 2012|publisher=The New York Times|date=9 March 2001}}</ref>

In 1986 a Hyundai-manufactured [[IBM PC compatible|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.<ref>{{cite web|url=http://www.csmonitor.com/1986/1104/fclone-f.html|title=IBM home computer clones stream in with quality, low prices|quote=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.}}</ref>

Hyundai announced a major management restructuring in December 1995, affecting 404 executives.<ref>{{cite news|url=https://www.nytimes.com/1995/12/29/business/hyundai-announces-management-changes.html |title=Hyundai Announces Management Changes|accessdate=11 January 2012|publisher=The New York Times|date=29 December 1995}}</ref>

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.<ref>{{cite news|url=https://www.nytimes.com/1999/04/22/business/worldbusiness/22iht-hyun.2.t_0.html|title=Hyundai Gives In to Seoul Pressure on Chaebol|accessdate=11 January 2012|publisher=The New York Times|date=22 April 1999}}</ref><ref>{{cite news|url=http://www.atimes.com/koreas/AD27Dg02.html|title=Hyundai to shed 53 units in debt reduction plan|accessdate=11 January 2012|publisher=Asia Times|date=27 April 1999}}</ref>

==Operations==
[[File:hdhq.jpg|thumb|right|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.<ref name=changeface/> In the same period it had total annual revenues of around US$90 billion and over 200,000 employees.<ref name=changeface/>

=== Hyundai Motor Company ===
{{Main|Hyundai Motor Company}}
Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with [[Kia Motors|Kia]] comprises the [[Hyundai Motor Group|Hyundai Kia Automotive Group]]. Headquartered in [[Seoul]], [[South Korea]], Hyundai operates in [[Ulsan]] the world's largest integrated [[automobile]] manufacturing facility,<ref name="smokescompetition"/> 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 [[car dealership|dealership]]s and [[showroom]]s worldwide. In 2012, Hyundai sold over 4.4 million vehicles worldwide. Popular models include the [[Hyundai Sonata|Sonata]] and [[Hyundai Elantra|Elantra]] mid-sized sedans.<ref>{{cite web|title=Hyundai Global News|url=http://org-www2.hyundai.com/in/en/MediaCenter/GlobalNews/DF_WW_GLOBALNEWSVIEW_130102.html}}</ref>

The Asan Foundation, established by [[Chung Ju-yung]] in 1977 with 50 percent of the stock of [[Hyundai Engineering & Construction|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|Filial Piety]] Award.<ref>Callahan, William A. (2006). [https://books.google.com/books?id=qThJCZPv5QAC&pg=PA113&dq=Hyundai+Asan+Foundation&hl=en#v=onepage&q=Hyundai%20Asan%20Foundation&f=false ''Cultural Governance and Resistance in Pacific Asia''], p. 113. Taylor & Francis. {{ISBN|0-415-36899-5}}</ref>

== See also ==
* [[Economy of South Korea]]
{{Portal bar|South Korea|Companies}}

==References==
{{Reflist|2}}

==External links==
{{Commons category}}
* [http://hyundaigroup.com/eng/index.html Hyundai Group website]

{{Hyundai}}

[[Category:Hyundai]]
[[Category:Conglomerate companies of South Korea]]
[[Category:Electronics companies of South Korea]]
[[Category:Manufacturing companies of South Korea]]
[[Category:Conglomerate companies established in 1947]]
[[Category:Manufacturing companies established in 1947]]
[[Category:Vehicle manufacturing companies established in 1947]]
[[Category:1947 establishments in Korea]]
[[Category:South Korean brands]]