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Founded in 1947 by Chung Ju-Yung, Hyundai is a conglomerate and one of the biggest automaker in the entire world. It is headquartered in Seoul, South Korea. The founder, Chung Ju-Yung controlled the company until his death in 2001.
It is currently the fastest growing automotive company in the world. The company has different branches and corporations in different countries. After the death of the founder, Hyundai went through major reconstruction and was reduced to only container shipping services, manufacturing of lifts and tourism.
Today, many companies carry the name of Hyundai namely Hyundai Motor Group, Hyundai Departmental Store Group, Hyundai Heavy Industries Group, etc. If all these firms are combined under one name, then it will form the biggest company in South Korea. The logo of the company is a slanted, stylized ‘H’, which symbolizes company shaking hands with its customers.
Hyundai translates from the word ‘modernity’, and is pronounced as “Hyon-dae” in Korean. Hyundai contains over 1 million employees and the country has sells the products in around 193 countries. It operates the world’s largest integrated automobile manufacturing facility in Ulsan which is capable of producing 1.6 million units annually. This shows the dominance of Hyundai in the car market all round the world.
The company’s history goes back to the year 1947 when Chung Ju-Yung founded Hyundai Engineering and Construction Company. The company was then a combination of many different specialized services which were provided to the customers. The number of different services provided by the company to the customers lead to sustainable and economic growth of the firm.
Hyundai Motor Company was established in 1967. The first car model of the company was Cortina, which was released in cooperation with Ford Motor Company in 1968. When Hyundai wanted to manufacture their own car, they hired George Turnbull, the former managing director of Austin Morris at British Leyland. He in turn hired five top British engineers. This was a big step in the history of the company as it gave them a good platform and efficient people to promote development.
In 1975, the company released ‘Pony’, the first Korean car. It had the power train technology which was provided by Japanese Mitsubishi Motors. The Hyundai Pony would continue to add more countries to its exports in the years to come including Belgium and the Netherlands and continue in its first generation till 1982.
Hyundai, with the release the Excel hatchback and four-door model that was front-wheel-drive would be accepted for importation by the United States and added starting price under $5000 would nearly sell 170,000 vehicles. The Hyundai Excel which was also rebadged as a Mitsubishi Precis started out with very strong sales but soon became stagnant in sales as many of vehicles were affected by reliability issues.
Because of the reliability issues with the Hyundai Excel the company experienced several of its dealerships closing down as well as distrust in quality by the general public causing the company to rethink their strategy on automotive design.
The introduction of Hyundai Motor Finance Company in 1990 would help increase sales due to the new line of credit for customers. The Hyundai Motor Company would start investing heavily in research and design in order to overhaul the company’s image. One of the most noted changes that Hyundai would make it the auto industry would be the industry-leading powertrain warranty of 10 years or 100,000 miles that would help regain public opinion and trust in the company.
There are unlimited technologies and innovations that take place in Hyundai every day. The company has a diversified set of engineers and employees who work efficiently and perfectly to give new ideas to the firm. The mindset of the company is growth and that can be seen from the latest designs and innovations introduced by the company in the market. Hyundai has recently introduced the Autonomous Energy Braking System (ABE). This adds extra protection to the car and prevents dangerous crashes and accidents. The braking system is highly modified to protect and safeguard the driver and the passengers.
The Advance Traction Cornering Control (ATCC) gives more independence and smoothness to the car. It helps the driver to gain more efficient turns and improve the overall driving experience of the vehicle. Hyundai cars are very flexible and this new feature adds a whole new dimension to the driving of the car. The HTRAC function automatically distributes breaking power and traction between the four wheels according to the road condition. This feature makes the car adaptable to the external surroundings and environment. It is a cool feature and it makes overall driving very easy.
The new Hyundai cars come with intelligent Navigation and Sound Systems. The On-screen display of all the functions ranging from audio, visual, car control, etc. are completely displayed on-screen so that the driver can focus more on driving. The most representative infotainment system is telematics, created by fusion of telecommunication and informatics.
Featuring a state of art communication terminal with built-in GPS that is connected to various other electronic devices in the vehicle. The system offers various information which is useful to the driver to promote safer driving. The car comes with Smart Cruise Control (SCC), a sensor fusion which calculates distance from the car in front and maintains safe distance without using brakes. The Head Up Display (HUD) projects driving information on the windshield which allows the driver to keep his eyes on the road while driving.
The Around View Monitoring System (AVM) is a 360 degree camera view which enables the driver to see complete location around the car. The Driver State Monitoring (DSM) employs facial recognition engine technology to determine the driver’s state by monitoring changes in the driver’s eye movements and facial muscles with an infrared camera installed in the car. By measuring drivers blinking and facial reactions, it sounds alarm tone and relays strong vibrations to the seat when abnormal states are detected.
Hyundai produces more than a million cars annually. The total worth of the company is huge. The company is constantly working on the latest innovations to manufacture and provide good quality cars to the customers. The products of the company are a must buy due to their quality and efficient features. These features have made some cars very famous among the customers. Following are the most famous and top-selling cars of Hyundai:
The overall build quality of Hyundai cars is great. The exteriors are hard made and well-built to prevent rusting. The rust free exteriors along with quality interiors gives a superior dimension to the car. The company not only focuses on good exteriors, but it has created certain internal and safety features for high precision and safety of the driver respectively. Hyundai is a leading manufacturer of cars which is growing its overall manufacturing.
The new cars manufactured by the company are both comfortable and convenient. An efficient Hyundai car defines style, enigma, durability, reliability and comfort. This can be seen in various examples of Hyundai Santro, which is an old car but has a very high rate of durability and a long life. The cars are built in a way so that the customer does not have to bear extra cost. The features and positives of the car are already present inside the car and less maintenance cost is required.
The company has established itself as a major dominant figure in the market. The high rate of development and economic growth in the organization clearly signifies that the company is maintaining the speed of growth. The initial and the newer models of Hyundai are both efficient and reliable for the customers. The company should keep adding additional features for better performance in future.
Hyundai has one of the best resale values in India. For people aspiring less maintenance cost and easy availability of service centers, Hyundai is the best car to get. Like Maruti Suzuki, the spare parts and service centers are available in bulk for Hyundai. Hyundai returns a high amount of value.
Constant servicing and operations on the car means that the overall value of the car depreciates slowly. The slow depreciation rate is beneficial for the customers. Many on-road shops have good spare parts and servicing of the car can be done without spending much money.
It is clear that Hyundai has diversified business activities. This is the main strength of the firm. It provides several type of export and import services to customers worldwide. As a largest automaker in Asia and fourth largest in the world, it enhances its effectiveness in global exposure. It also helps to capture large amount of customer worldwide. The quality of Hyundai cars is better than other car manufacturers in Asia which gives it a supreme edge when it comes to conducting business worldwide. The financial position of the company is stable and improving. Further, the activities inside the company are operated in ethical and social manner which increases the overall brand image of the company.
Hyundai has many opportunities of business expansion and development. It is a powerhouse in Asia. Therefore, it should aim to capture the global market even more. It is also a leading company in heavy industry. The entry of Hyundai in ship building business can serve as a huge overall boost to the employees and the organization.
Hyundai has a potential to implement great working strategy by means of effective workforce and diverse business activities. It is important for the company to keep satisfying the necessary demands and needs of the customers.
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