Hyundai Group
CEO) | |
Website | www |
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Hyundai Group | |
Hangul | 현대그룹 |
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Hanja | 現代그룹 |
Revised Romanization | Hyeondaegeurup |
McCune–Reischauer | Hyŏndaegŭrup |
Hyundai Group (Korean: 현대그룹; Korean pronunciation: [ˈhjəːndɛ][1]) is a South Korean conglomerate founded by Chung Ju-yung. The group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second chaebol. Chung Ju-yung was directly in control of the company until his death in 2001.
The company spun off many of its better known businesses after the
Etymology
The name "Hyundai" comes from a Korean word (Hanja: 現代) that means "modernity".[2]
History
In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by
In 1967,
In 1986 a Hyundai-manufactured
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] In December 1995, Hyundai announced a major management restructuring, affecting 404 executives.[10]
During 1997 Asian financial crisis, Hyundai acquired
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
In 2007, Hyundai Construction Equipment India Pvt. Ltd. was established in India.[citation needed] In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.[15] As of 2023, Hyundai Group "includes divisions that build and export diesel and electric
Logo
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1957-1974 logo
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1974-1984 logo
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The current logo in use since 1984
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Hanja variant
Affiliated companies
As of 2017, these are the affiliated companies of the Hyundai Group.[17]
- Hyundai Elevator
- Hyundai Movex
- Hyundai Asan
- Hyundai Research Institute
- Hyundai Investment Partners
- Hyundai Global
- Able Hyundai Hotel & Resort
- Bloomvista
Hyundai Motor Company
Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with
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.[19]
See also
References
- ^ Pronunciations in English vary. Among the variants are:
- ^ a b Taylor III, Alex (5 January 2010). "Hyundai smokes the competition". CNN Money. Retrieved 11 January 2012.
- ^ "The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
- ^ ISBN 978-0-415-77400-0.
- ^ "Chung Ju Yung, Founder of Hyundai Empire, Dies at 85". The New York Times. 22 March 2001. Retrieved 11 January 2012.
- ^ "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.
- ISBN 0-415-92050-7.
- ^ "Hyundai Electronics to Be Renamed Hynix". The New York Times. 9 March 2001. Retrieved 10 April 2012.
- ^ "IBM home computer clones stream in with quality, low prices". The Christian Science Monitor.
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.
- ^ "Hyundai Announces Management Changes". The New York Times. 29 December 1995. Retrieved 11 January 2012.
- ^ "History of Hyundai Group".
- ^ "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times. 22 April 1999. Retrieved 11 January 2012.
- ^ "Hyundai to shed 53 units in debt reduction plan". Asia Times. 27 April 1999. Archived from the original on 25 September 2000. Retrieved 11 January 2012.
{{cite news}}
: CS1 maint: unfit URL (link) - ^ Hyundai Group – Company History
- ^ "Hyundai Group acquires Hyundai E&C". Added Latest Acquisition. Retrieved 17 November 2010.
- ^ Encyclopedia Britannica. 19 May 2023. Retrieved 19 May 2023.
- ^ "Affiliated Companies of Hyundai Group".
- ^ "Hyundai Global News". Archived from the original on 18 November 2013. Retrieved 31 July 2019.
- ISBN 0-415-36899-5