Hyundai 2005 Annual Report Download - page 4

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History of Hyundai Motor Company
1960’s: Foundation
Established in December 1967, Hyundai Motor Company began its evolu-
tion through a partnership with Ford U.K. They provided requisite tech-
nology for production of sedans. So fruitful was this collaboration that
strong links between Korean and British automakers endure to this day
despite the amazing global growth of Hyundai.
1970’s: Fortification
Hyundai achieved self autonomy in the early 1970’s as Hyundai Motor
Company moved away from licensing agreements towards the develop-
ment of its own proprietary passenger cars. Emboldened with the manu-
facturing know how of U.K and Japanese automakers, Hyundai Motor
Company sought styling from Giorgio Guigiaro’s ItalDesign to create
vehicles of beauty as well as functionality. This fusion of expertise and
creativity resulted in the production of Hyundai’s first model, the Pony.
The sub-compact was an enormous success in the Korean domestic
market, elevating Hyundai into first place in domestic sales, a position
which has remained unchallenged for over three decades. This early revolu-
tion allowed Hyundai to begin testing export markets.
1980’s: Furthering Prosperity
On the back of a strong domestic economy and a skilled highly educated
workforce, Hyundai massively expanded its Ulsan manufacturing plant in
the early 1980’s, increasing production output. During this hugely excit-
ing period Hyundai began to look to overseas markets for future expan-
sion. By the end of the decade Hyundai’s cumulative exports to the
U.S.A had surpassed one million units, an extraordinary achievement for
a young manufacturer and in such a competitive market as the U.S.A.
The Hyundai Excel was the catalyst for Hyundai Motor Company’s initial
claims in the U. S. A market, capturing the imagination of the American
consumer and changing the compact class forever.
1990’s: Fostering Our Energy to Create
The 1990’s saw a dramatic rise in Hyundai research and development.
1990 was the beginning of a decade long commitment to developing
patent technologies. In 1991 the company unveiled its first in-house
designed powertrain, the Alpha engine, followed two years later by the
Beta engine.
So confidant was Hyundai in the expertise of its engineers and the quality
of their product they began to compete in professional motor sports, win-
ning in class the Asia Pacific Rally Championship in 1994 and 1996 with
the Hyundai Elantra.
Towards the end of last century successive Sonata models, the EF and
XG, earned Hyundai the highest possible accolades from international
automotive press sustaining exports beyond 2000. The acquisition of
Kia/Asia Motors and Hyundai Precision Industries and Hyundai Motor
Service mergers endowed Hyundai Motor Company to boldly compete in
markets across the globe.
2000 and beyond: For the Future
The establishment of manufacturing plants in China, Turkey, India and
the U.S.A has catapulted Hyundai into the front ranks of the automotive
industry and made Hyundai one of the most recognizable brands in the
world.
Signature vehicles, the Sonata, Grandeur, Santa Fe and Tucson are reg-
ularly receiving accolades from motoring publications around the world
and we now have an impressive market share and technological clout in
nearly every automotive class.
2007 will mark the 40th anniversary of the company, providing a moment
of reflection to take in the astonishing growth of the company and look
forward to the exciting times which lie ahead.
The history of
Hyundai’s flagship model,
the Sonata
1985
SONATA >> 1988 SONATA >> 1993 SONATA >> 1996 SONATA >> 1998 SONATA >> 2001 SONATA >> 2004 SONATA >>