Hyundai. In Korean, the word meads "modernity." Here in the US, we associate it
with inexpensive cars.
The Hyundai Motor Company, based in Seoul, is a division of the Hyundai Kia
Automotive Group, which is the largest car manufacturer in South Korea. It may
seem like an upstart to many, but in 2005, the combined sales of the group made
Hyundai Kia the world's sixth largest vehicle manufacturer. In addition, the
Hyundai manufacturing plant in Ulsan, South Korea, is the world's largest such
facility, and is capable of producing over 1.5 million units each year.
The Hyundai Motor Company was established in 1967, and its first model, the
Cortina, was released with the cooperation of the UK branch of Ford a year
later. In 1975, the first Korean car - the Pony - was released. It featured
styling by ItalDesign's Giorgio Giugiaro, and powertrain technology furnished by
Mitsubishi Motors of Japan. It began exporting to Ecuador and the Benelux
countries the next year.
Hyundai didn't arrive in the US until 1986, but it's first offering, the Excel,
was nominated for "Best Product #10" in Fortune Magazine, mainly because of its
affordability. In 1988, beginning with the Sonata, the company began to produce
models using its own technology. The same year, Hyundai began trying to brand
itself as a world-class company. The parent company, Hyundai Motor Group,
invested heavily in improvements to design, quality, manufacturing, and
long-term research. It also added 10-year/100,000-mile warranties to its
American cars, and began to market very aggressively.
In 2004, J.D. Power and Associates ranked Hyundai second in "initial quality,"
and it is now one of the 100 most valuable brands, worldwide. The slanted
stylized "H" symbol of the Hyundai logo, meant to represent the company and
customer shaking hands, is now familiar to most, as is the company's official
slogan, "Drive your way." |
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