Hyundai’s
Founding Chairman
Chung
Ju-Yung – 1915 – 2001
Chung
Ju-Yung was born in North Korea in 1915 as the eldest son of a poor
peasant farming family. At the age of 18, he set off for good to
Seoul with hopes of finding a better life.
Success
was not immediate. He worked in various jobs, such as railway
construction, bookkeeping and dock work. Mr. Chung’s first
experience as an entrepreneur came in 1938 when he started his own
rice store. However, he was forced to close his business a year later
because of the policies of the Japanese occupation forces.
After
the liberation of Korea in World War II, Mr. Chung went into business
repairing trucks for U.S. Armed Forces. He then went into the
engineering and construction business, eventually building multi billion-dollar mega-projects around the world.
His
venture into the shipbuilding business is legendary. Despite a lack
of experience in shipbuilding, he persuaded a customer to give him an
order to build a ship for tens of millions of dollars. Now the
company that he started is the largest shipbuilder in the world.
By
sheer force of effort and creativity, Mr. Chung built businesses that
helped make Korea the economic powerhouse that it is today. From
humble beginnings, he rose to great heights. But even at the peak of
his success, he remained disciplined, lived simply and worked hard.
In
his final years, he turned his efforts toward the reunification of
Korea. This son of a farmer sought to open avenues of communication
between the North and South Korean governments and between the
people, north and south. In private talks with leaders, in
cross-border business ventures and in grand gestures, such as driving
1000 cattle back to North Korea, he helped bring hope back to the
most cherished goal of reuniting the Korean people. It may well be
that this final act of kindness and concern, while acting as an
ambassador of peace, may be viewed by history as Mr. Chung’s
greatest achievement.
Our
Honorary Founding Chairman had many great philosophies that he lived
by, but the one that we should all remember is: “It is failures
rather than successes that teach us invaluable lessons – It is not
necessary to remember one’s success. That should be remembered by
others instead. Rather, we should remember our losses and failures –
Those who forget their failures will fail again and again.”
Hyundai’s
cars and sport utility vehicles continue to provide customers a high
level of content and performance at an affordable price. Every
vehicle in the lineup demonstrates Hyundai’s emergence as an auto
manufacturer whose products compete successfully in technology,
quality, styling and refinement with automobiles from around the
world.
Hyundai
sold its first car, the subcompact Excel model, in the U.S. in 1986.
At the time, few Americans had ever heard of Hyundai or its products.
Since that time, Hyundai has expanded and upgraded its product line
in the U.S. and now accounts for more than two percent of the U.S.
auto market.
Hyundai
now markets a full line of vehicles from the subcompact Accent to the
award-winning Santa Fe sport utility vehicle to the luxurious Genesis
sedan. The vehicles were developed exclusively by Hyundai Motor
Company and are fitted with engines and transmissions designed and
engineered by Hyundai.
Hyundai
Motor Company
Chung Ju-Yung founded the Hyundai Motor Company in 1947 as Hyundai Engineering and Construction Co. Hyundai Motor Co. (HMC), established in 1967, is the auto sales leader in the Korean domestic market and exports vehicles to 190 countries worldwide.
Hyundai
Motor Co. operates the world’s largest integrated automobile
manufacturing facility in Ulsan, located on Korea’s southeast
coast. In 1996, Hyundai opened the Namyang Technology Research Center, which includes a complete testing facility with a 2.8-mile
oval test track and a new $40 million aeroacoustic wind tunnel. That
same year, HMC began production at its state-of-the-art Asan Plant,
located southeast of Seoul.
Hyundai
now operates eight research centers in Korea along with four
international centers, including Hyundai America Technical Center,
Inc., in Ann Arbor, MI, and Hyundai California Design Center in
Fountain Valley, CA. Hyundai’s automotive technology centers employ
approximately 4,100 researchers with an annual budget of five percent
of current revenues. Current research projects include:
electric-powered vehicles, low-emission gasoline engines, solar-
powered vehicles, hydrogen-powered fuel cell vehicles and other
alternative fuel vehicles.
The
Hyundai California Design Center, established in 1990, creates and
develops both production vehicles and cutting-edge design concepts
for the automotive market. Several innovative vehicles have emerged
from the design center including three concept roadsters, HCD-1,
HCD-2, HCD-6, a hybrid sport utility vehicle, HCD-3, the CrossTour
sport utility vehicle (HCD-5) and the HCD-7 luxury sedan. The
influence of the California Design Center can be clearly seen in the
sleek lines of the first generation Hyundai Tiburon sporty coupe and
the Santa Fe sport utility vehicle.
The
timing of Hyundai’s entry into the U.S. market in 1986 was ideal.
At that time, most automobile manufacturers had abandoned the
entry-level market in favor of high-end, high-priced vehicles,
leaving a large void in the market. First-time car buyers such as
college students and young families were not able to find adequate,
value-equipped cars that met their needs, yet were priced within
their economic means.
In
February 1986, Hyundai launched its subcompact Excel model in the
U.S. market. Customer response was immediate; in just seven months
Hyundai Motor America had sold its 100,000th Excel. Total 1986 sales
numbered 168,882 – an industry record for an import car distributor
in its first year. Hyundai sales averaged 1,431 units per dealer,
another sales record. In 1987, Hyundai sales continued to soar,
reaching a record of 263,610 units.
What
makes this sales performance even more remarkable is that it was done
with dealers located in only 31 of the 50 states. In the early years,
Hyundai concentrated its sales efforts primarily on the West and East
coasts, as well as in the southern states. In 1987, Hyundai expanded
into the central portion of the United States, opening a central
region office near Chicago. Today there are four regions and nearly
600 Hyundai dealerships nationwide.
Hyundai
motor America
As
the presence of Hyundai automobiles and Hyundai Motor America
continued to grow in America, the company began to expand its
operations and service networks nationwide to more effectively serve
the needs of dealers and customers. In 1988, HMA opened a $21
million, 300,000 square-foot parts distribution center in Ontario,
CA, to facilitate parts deliveries to Hyundai’s expanding dealer
body. The next year, HMA opened a $16.6 million, 342,000 square-foot
office complex and parts distribution center in Aurora, IL. There is
an additional parts distribution center in Lawrenceville, GA and a
Warranty Technical Center in Fountain Valley, CA.
Today,
Hyundai also has regional offices in Jamesburg, N.J., Austell, GA,
Aurora, IL and Coppell, TX. In addition, the New Jersey facility also
incorporates a parts distribution center.
In
1990, Hyundai Motor America moved its national headquarters from
Garden Grove, CA, to a new 18-acre site in nearby Fountain Valley, CA
– an investment of $18 million. In addition to corporate offices,
this facility also houses HMA’s western regional office, Hyundai’s
California Design Center, the National Service Center and the
National Headquarters of Hyundai Motor Finance Co.
Hyundai
Motor Finance Co. (HMFC) launched in 1990 with a capital investment
of $15 million and 22 employees. HMFC now employs nearly 200 people
and has accumulated a portfolio of nearly $500 million. Hyundai Motor
Finance Co. serves Hyundai dealers nationwide with individual
customer financing and dealer inventory financing.
.
Also
in 1990, HMA opened a $12.2 million port facility in Portland,
Oregon. It features a large dock area, a 45,000 square-foot
processing building, a holding lot for incoming cars, as well as an
area for rail car and vehicle transport. Other Hyundai port
facilities are located in Wilmington, CA; Brunswick, GA; Newark, NJ;
Baltimore, MD; and Fort Worth, TX.
A
new corporation called HK Logistics America (HKLA), formed in March
2003, is now responsible for all vehicle logistics management for
Hyundai Motor America and Kia Motors America in the U.S. HKLA is
headquartered in Costa Mesa, Calif. and has 11 port operations (nine
water ports and two inland processing centers) located in eight U.S.
states.
In
April of 2002, Hyundai broke ground in Montgomery, Alabama for its
first U.S. automobile assembly plant, a $1 billion investment that is
scheduled to open in 2005 and employ nearly 2,000 people. The
facility, to be built on 1,600 acres, is expected to assemble 300,000
vehicles per year. The first two vehicles scheduled to be produced in
the Hyundai Motor Manufacturing Alabama (HMMA) assembly plant are the
revised Sonata and Santa Fe models.
In
February of 2003, the new $25 million state-of-the-art Hyundai-Kia
Motors Design & Research Center opened in Irvine, California. The
90,000 square foot design and technical center houses 100 auto
designers, engineers, model makers and technicians, many who were
responsible for design successes such as Hyundai’s Santa Fe
sport-utility vehicle and its HCD-6 and HCD-7 concept vehicles, as
well as Kia’s KCD-1/Slice concept vehicle.
Also
in early 2003, a ceremonial groundbreaking event was held for the new
Hyundai/Kia proving ground in the California desert near Edwards Air
Force Base. This testing facility is scheduled to be constructed in
the next two years.
After
25 years in the U.S. automobile market, Hyundai continues to
reinforce its commitment to sell innovative, high-quality vehicles at
the most affordable prices.
Hyundai
Motor America, headquartered in Fountain Valley, Calif., is a
subsidiary of Hyundai Motor Company of Korea. Hyundai cars and sport
utility vehicles are distributed throughout the United States by
Hyundai Motor America and are sold and serviced by more than 800
Hyundai dealerships nationwide.
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