![]() ![]() Chung Ju Yung transferred leadership of Hyundai Motor to his son, Chung Mong Koo, in 1999. In 1998, Hyundai began to overhaul its image in an attempt to establish itself as a world-class brand. In 1996, Hyundai Motor India Limited was established with a production plant in Irungattukottai near Chennai, India. In 1991, the company succeeded in developing its first proprietary gasoline engine, the four-cylinder Alpha, and also its own transmission, thus paving the way for technological independence. In the spring of 1990, aggregate production of Hyundai automobiles reached the four million mark. The company began to produce models with its own technology in 1988, beginning with the midsize Sonata. In 1986, Hyundai began to sell cars in the United States, and the Excel was nominated as "Best Product #10" by Fortune magazine, largely because of its affordability. The import of these knocked down kits was permitted as long as Hyundai exported five cars for every single Granada brought in (the same demands were placed on Kia). Until the 1986 introduction of the larger Hyundai Grandeur, Hyundai offered a locally assembled Ford Granada for the South Korean executive market. In 1985, the one millionth Hyundai car was built. Canadian sales greatly exceeded expectations, and it was at one point the top-selling car on the Canadian market. In 1984, Hyundai began exporting the Pony to Canada, but not to the United States, as the Pony would not pass emissions standards there. Hyundai entered the British market in 1982, selling 2993 cars in their first year there. Exports began in the following year to Ecuador and soon thereafter to the Benelux countries. In 1975, the Pony, the first South Korean car, was released, with styling by Giorgio Giugiaro of ItalDesign and powertrain technology provided by Japan's Mitsubishi Motors. They were body designer Kenneth Barnett, engineers John Simpson and Edward Chapman, John Crosthwaite, formerly of BRM, as chassis engineer and Peter Slater as chief development engineer. He in turn hired five other top British car engineers. When Hyundai wanted to develop their own car, they hired George Turnbull in February 1974, the former managing director of Austin Morris at British Leyland. Hyundai Motor Company was later established in 1967, and the company's first model, the Cortina, was released in cooperation with Ford Motor Company in 1968. HistoryĬhung Ju-Yung (1915–2001) founded the Hyundai Engineering and Construction Company in 1947. Hyundai vehicles are sold in 193 countries through 5,000 dealerships and showrooms. The company employs about 75,000 people worldwide. Hyundai operates the world's largest integrated automobile manufacturing facility in Ulsan, South Korea which has an annual production capacity of 1.6 million units. Those three brands altogether comprise the Hyundai Motor Group. Currently, the company owns 33.88 percent of Kia Corporation, and also fully owns two marques including its luxury cars subsidiary, Genesis Motor, and an electric vehicle sub-brand, Ioniq. 'modernity'), is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea, and founded in 1967. Hyundai Motor Company, often abbreviated to Hyundai Motors ( Korean: 현대자동차 Hanja: 現代自動車 RR: Hyeondae Jadongcha listen)Īnd commonly known as Hyundai (Korean: 현대 Hanja: 現代 RR: Hyeondae, IPA: lit.
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