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Hyundai Motor Company

Hyundai Motor Company – The Solution to Smart Mobility

 

If you are looking to buy a car then you will found many options but Hyundai cars will be the first few in your mind.  Whether it is a good mileage or cost-effective budget, Hyundai Motor Company has produced such awesome cars throughout the long years that have made them a world leader. Though the origin is a foreign country, the company has been an Indian entity. We are very familiar with the company. Their brilliant design team has been giving us some noteworthy models over the years. Recently, they celebrated Earth day hugely, which can be memorable for a long time.

Being one of the old companies, they are not old in production. They are prepared for the next generation. Their state-of-the-art manufacturing facility shows us that they are ready to dominate the future also. Hyundai Motor Company now comes under the Hyundai Motor Group because they own over 2 dozen subsidiaries and affiliates since 2007. One of the well-known subsidiaries is Kia Corporation. If you have watched any advertisement for Kia cars, remember that’s the subsidiary of Hyundai Motor Company. They also own luxury brands like Genesis Motor and Ioniq.

About Hyundai Motor Company

Headquartered in Seoul, South Korea, Hyundai Motor Company is one of the biggest and largest automakers in the world. They are operating in over 190 countries through 5,000 dealerships and showrooms around the world. It was one of the few companies that evolved successfully over the years. The company possesses the world’s largest integrated automobile manufacturing facility in Ulsan, South Korea because of its production capacity. Let’s see the company’s origin and evolution in the next section.

Origin

Though the foundation was laid in 1947 in the name of Hyundai Engineering and Construction Company. Later, it was established as Hyundai Motor Company. The company produced its first car, Cortina in 1968 with the collaboration of Ford Motor Company. It was an instant hit and the best-selling car in the UK during the 1970s. It was time to go alone so George Turnbil, Md of Austin Morris was hired along with 5 more engineers in 1974. The result was Pony, South Korea’s mass-produced and exported car. Their time had already started to go global.

Evolution

Hyundai Motor Company entered the British market in 1982 by selling 2993 cars. The Pony was not just a hit in the domestic market or global market but it set a milestone for the company. They started exporting to Canada and in later years, it was the top-selling car in the Canadian market. Until 1986, they didn’t enter the USA market. When they started to sell Excel, it was a huge hit and got enlisted as the Best Product #10 by Fortune Magazine. Because of its affordability, the car became very familiar in the US household.

The evolution just began and another car, Sonata was released. It was the first car that was built by their own technology since 1985. They became a technology-independent entity by developing their first gasoline engine, and the four-cylinder Alpha. They were spreading their business, India was the suitable choice. Subsequently, Hyundai Motor India Limited was established in Chennai. As they were becoming a world-class entity, the power of attorney was handed over to Chung Mong Koo, son of Chung Ju Yung, the founder of Hyundai Motor Company in 1999.

The marketing, design, and R & D team were increasing. The parent company, Hyundai Motor Group invested heavily in those sectors. In 2002, Hyundai became one of the worldwide sponsors of the FIFA World Cup. The company was ranked 2nd in Initial Quality by J.D. Power and Associates. As the company was enhancing its business, the shock came suddenly after the arrest of Chung Mong Koo. He was arrested for embezzlement. Later, he was replaced by the then Vice Chairman and CEO, Kim Dong-Jin became the head of the company.

When Yang Seung Suk left the incumbent CEO position, Chung Mong-Koo and Kim Eok-Jo held the CEO position. In 2020, the son of Chung Mong-Koo, Euisun Chung was appointed as the new chairman of the Hyundai Motor Group where the father took charge as the honorary chairman. As of 2021, the company saw a tremendous rise in profit by 187% which was the highest rise in just 4 years. Until March, the company recorded $1.16 billion of profit. It is interesting to know that Apple and Hyundai-Kia are working towards making an autonomous Apple car. We can expect the potential release in 2024. Recently in June, Hyundai Motor Group acquired 80% of the robotic firm, Boston Dynamics.

Well-known Cars 

We have already witnessed some of the popular cars from the brand. It includes Tucson, Elantra, Creta, Kona, Santa, Accent, i10, i20, Sonata, and HB20. They are also in the production of electric and hydrogen-powered cars. So, we can expect some of the future electric cars from the brand in the future. They have also made some trucks and buses like D-750/800, R-182, H350, etc. Some of the upcoming cars are Hyundai Staria, Kona Electric, Nexo, Ioniq, Palisade, etc. So it is expected that Hyundai Motor Company is ready to blast into the automotive industry.

Conclusion

I hope this article quenches your thirst for knowledge. As they have various attractive models, you can choose according to your choice and budget. Hyundai Motor Company is now one of the big competitors to Tata Motors, Maruti Suzuki, and Honda. They are not only South Korea’s largest automaker but a well-known car manufacturer in the world. Their motto, “New Thinking. New Possibilities” inspires many small car manufacturers. Being the fifth-largest automaker in the world, Hyundai Motor Company has more than 1.20 lakh employees working around the world.

Read More: Auto News Reporter

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