Hyundai was founded by Chung Ju-Yung as a construction firm in 1947 in South Korea and initially worked in the markets of Vietnam, Guam, and Thailand.
Hyundai started to work in automobile manufacturing in 1967 under the name Hyundai Motor Company and performed ship construction under the name Hyundai Heavy Industries. In 1968, the company’s first car model, the Cortina, was released with help from Ford.
The company entered the semiconductor industry in 1983 under the name Hyundai Electronics.
In 1999, Hyundai announced a major restructuring, which involved a plan to break up the different business sectors into five different companies by 2003.
Today, most of the former subsidiaries of Hyundai, including Hyundai Motor Company, are not connected with the Hyundai Group, however, most of them are run by relatives of the founder, Chung Ju-Yung.
Hyundai Motor Company is the eighth largest automobile manufacturer in the world, with 3.6 million vehicles sold annually.
In 2004, Hyundai was ranked second in “initial quality” in a survey/study by J.D. Power and Associates. Hyundai is now one of the top 100 most valuable brands worldwide. The company has invested in manufacturing plants in North America, India, the Czech Republic, Russia, China, and Turkey, as well as several research and development centers in Europe, Asia, and the USA.
In early 2012, the Hyundai Elantra was named the North American Car of the Year at the North American International Auto Show. Hyundai has sold more than 200,000 cars since the model’s redesigned debut in 2012.
According to Forbes, the company is driving customers to their stores with a program called Shopper Assurance, which offers things like a free, no questions asked, 3-day return policy on every new vehicle.
The 2022 Santa Cruz pickup truck by Hyundai receibed Best Truck of the Year award by the Washington Automotive Press Association in October 2021.