Hyundai Motors Company was founded by Chung Ju-Yung in 1947 as Hyundai Engineering and Construction Company. The Company was later changed to Hyundai Motor Company.
Hyundai Motor Company is a Korean automaker and its headquarters is based in Seoul, South Korea. Cortina was the first model released by Hyundai; this was accomplished in collaboration with Ford Company in 1968. In 1975, Hyundai produced and launched its first domestic car called the Pony. It was powered by Japans Mitsubishi engines. In 1976, Hyundai Motor Company started exporting the Pony model to Equador, Belgium, Netherlands, Luxemburg, and Canada.
Hyundai spread its market to the United States in 1986 with the Subcompact Excel model. The fortune magazine rated it as the best product #10 due to it affordability. In 1988, Hyundai started producing its own cars using its own technology. The first model was the mid-sized Sonata. It was not well received due to its poor durability and reliability. This setback resulted in its disappearance in the American market in the 1990s. Due to the heavy fallout, it ventured in investments in new product designs and improvement of the overall quality and reliability of its cars.
In 1996, Hyundai Motors India was established in Irrungattukotai near Chennai. It had its own assembly plant. After the relocation, Hyundai Motors India purchased KIA Motors in 1998. In 1999, the ownership of the company transferred to Chung Mong Koo, son of the founder Chung Ju-Yung.
In 2000, Hyundai partnered with Daimler Chrysler to create the Daimler-Hyundai Truck Corporation. However, Chrysler bowed out in 2004 due to financial constraints. This was followed by the death of Chung Ju-Yung in 2001 which led to a division in the company into three companies; Hyundai Heavy Industries, Hyundai Motor Group and Hyundai Engineering and Construction. All these three companies are competing successfully in the global market place.
In 2006, a survey carried out by J.D. Power Associates placed Hyundai as the third overall Motor Company in the world. It has the worlds largest integrated automobile manufacturing facility in Ulsan capable of producing approximately 1.6 million units annually.
Successful sales of the sporty Tiburon Coupe, which sold between 1996 and 2008, saw the release of Santa Fe Crossover 2001. Tucson SUV and Entourage minivan sold from 2004 and 2007 respectively. Genesis Coupe sports and Sonata Hybrid were introduced in 2009 and 2010 respectively.
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