Working towards your vision and mission requires passion, compassion, and dedication. Due to the services offered by Hyundai during the Korean crisis, the company turned out to be one of the chaebols of South Korea. While getting your new Hyundai car, did you read about who owns Hyundai? No, I am not referring to individual car owners, but to Hyundai founder. Come find out about the journey.
1. What is Hyundai? Who Owns Hyundai?
The Hyundai Motor Group is a South Korean chaebol with headquarters in Seoul. The term Chaebol refers to a large industrial South Korean conglomerate controlled and run by a family or an individual. A chaebol consists of several affiliates mostly controlled by an individual or a group whose power even exceeds legal authorities.
Hyundai Motor Group is the answer to who owns Hyundai. It also refers to its affiliated group of companies interconnected by shareholding arrangements, and KIA is the one holding the maximum shares. The de facto representative of this group and owner of Hyundai is Hyundai Motor Group. See Where is Hyundai Made?
2. Who is Hyundai Founder?
Chung Ju-yung was the founder of the Hyundai group and is thus regarded as the Hyundai founder. He was born in the village of Asan, located 30 miles north of the present demilitarized zone (DMZ) in present North Korea. Being the oldest with 6 younger siblings he felt the responsibility to provide a better life. For this, he left his house 3 times since he turned 16.
- The 1st time he and his friend reached Kowon and began working as construction workers. It was then that Chung Ju Yung realized his passion for civil engineering. There they worked for 2 months but soon his father found his whereabouts and took him back.
- The 2nd time when he tried to find jobs, they were conned by a stranger who took their savings and ran away.
- The 3rd time was in 1933, a year later after they were conned. It was the last time Chung Ju Yung tried leaving his house in pursuit of a better life for his family.
3. How did Chung Ju-yung Succeed in establishing Hyundai?
- Yes, Chung Ju-yung did succeed in establishing a successful automobile company that extended beyond the company’s borders. However, life was not always kind. He managed to get a train ticket after selling a cow owned by his family. He finally arrived in Seoul where he got a chance to start his career as an accountant. For this, he also went to a local bookkeeping school. There he read about Abraham Lincoln, who also belonged to a poor family but earned his name.
- However, for him, things did not work out and his father found and took him back. Chung again returns to his house. But this time his father realized his desire to explore the world himself thus letting him go and be what he wants.
- 1941 was the time when Chung decided to look for something which does not require much capital but would yield high profits. Noticing the demand for motorcars on the rise during that era, he started a car repair shop. Though the name was not Hyundai at that time, services were as they are today, efficient and quick. Chung Ju Yung later with pride told in an interview, we repaired in 5 days which took other companies 20 days. Within 3 years, the number of employees rose from 20 to 70 and the government decided to merge his company with steel mills to support war efforts.
- 1947 was in the year when he started working at his 5th job as the founder of the Hyundai Group and at the same time, he entered the building trade as well. As a part of a government contractor, the company was included in building roads and was named Hyundai Engineering and Construction which rejuvenated the country. Chung Ju Yung soon realized that roads are the veins of the country and cars are like blood running through them.
- With a vision to provide the best for his country, he played an important role in rebuilding South Korea by turning his vision into reality. Who owns Hyundai is the journey of a farmer boy who decided not to settle at the cost of his dreams. He once mentioned, if someone asked me what the motivation for Hyundai was, I would simply answer as a desire for better. Before he passed away, he gifted his country 1001 cows to repay the debt he had from selling his father’s cow. With this, he paid tribute to his father. Continue reading till the end to know more about Hyundai CEO.
4. What did Chung do before Hyundai?
Long before Hyundai came into existence, Chung worked different jobs. From 1935, he worked in many fields as a dockworker, stone carrier, rice delivery boy, and several other jobs. This is the period when he got to learn to ride bikes. And within 2 years, with his passion and dedication, he became the owner of a rice shop. However, with a ban on the rice trade in Korea, his business faced challenges. Read Who Owns Buick?
5. When did Car Manufacturing began?
In 1967, Chung Ju Yung founded Hyundai Motor Company and began working on Ulsan assembly plant which was completed in 1968. Today it is one of the largest integrated automobile manufacturing facilities in the world with an annual production capacity of 1.6 million units. Hyundai controls the whole value chain since it has its own steel-making affiliate. After entering into the car industry, slowly Hyundai Motor Company affiliated with the following:
- Automobile – KIA, Genesis Motor, Ioniq, and Rimac Automobili
- Auto parts – Hyundai Mobis, Hyundai IHL, and Hyundai Wia
- Construction – Hyundai Engineering & Construction and Hyundai Engineering (HEC)
- Finance – Hyundai Capital and Hyundai Card
- Others – Boston Dynamics, Hyundai Glovis, and Hyundai AutoEver
6. Who is Hyundai Ceo?
Since you know who owns Hyundai, note that Hyundai CEO and president of Hyundai Motor Company is Jae Hoon Chang, who is also the current president of planning, sales, and marketing. Dong Seock Lee is the present vice president and CEO of domestic production. Next is Chi-Won Yoon, CEO of UBS Group Asia Pacific who is also the vice chairman of UBS Wealth Management. Keep on reading to know the Hyundai owner in India. Check out Who Owns Jaguar?
7. What is Hmil?
Hyundai Motor India Limited (HMIL) is a subsidiary company of Hyundai Motor Company (HMC), which soon gained the title of number 1 car exporter in India. With its state-of-the-art manufacturing plant in Chennai, the company offers advanced quality, production, and testing capabilities. It has the following car models in India.
- Alcazar
- All New Creta
- All New I20
- Aura
- Grand I10 Nios
- I20 N Line
- Kona Electric
- New Tucson
- Santro
- Spirited New Verna
- Venue
Who owns Hyundai India is answered next. HMIL is a critical part of the global export hub for Hyundai Motor Company managing exports currently in 85 countries across the Middle East, Latin America, Africa, Asia Pacific, and Australia. There are more than 1414 service points and 555 dealers across India.
8. Who is Hyundai Owner in India?
Unsoo Kim is the managing director (MD) and Chief Executive Officer (CEO) of Hyundai Motor Company India. Mr. Kim joined the company in 1991 in South Korea and has a diverse experience across multiple markets in Business Planning, Strategy, and Operations. Earlier he was the Executive Vice President of Global Operations at Hyundai Motor Company and at present Hyundai owner in India.
So, who owns Hyundai? The answer to this is Chung Ju Yung and his lineage because Hyundai is a Korean chaebol that is not controlled by only a single group or individual. But the founder never imagined his startup to become a government contractor and one of the top automobile manufacturers in the world. (Also read Where is Aston Martin from?)
