Hyundai 2003 Annual Report Download - page 6

Hyundai Motor Company Annual Report 2003 _12
Since its inception in 1967, Hyundai Motor Co. has thrived on challenges. Through diligence, sacrifice and
perseverance the company has defied tremendous odds to climb the ladder of success and prominence in
the global automotive industry. Despite the numerous hurdles posed in 2003 both on the domestic and
overseas fronts, none were so serious as to deviate us from our stated goal of reaching the ranks of the
world’s top five automakers by the end of this decade. Thanks to the outstanding commitment of our family
of employees and dealers around the globe, we managed to overcome difficult market conditions to post the
best sales results in the 37-year-long history of our company and for the second consecutive year, the
Hyundai Automotive Group was ranked as the world’s seventh largest auto manufacturing concern.
While we continued to suffer from sluggish domestic sales due to the weakness of the Korean economy,
falling sales at home were offset by gathering momentum in major overseas markets where we continued to
make significant strides. In 2003, we made further inroads into the European and U.S. markets and our efforts
in the NAFTA zone will soon be bolstered by the start-up in early 2005 of our new manufacturing facility in
Montgomery, Alabama. In the same year, we opened two new research centers in Irvine, California and
Ruesselsheim, Germany and expanded our manufacturing facilities in two of the world’s fastest growing
markets--China and India--thereby securing the foundations for Hyundai Motor Co.’s growth in this decade
and beyond.
Future success hinges on our ability to continually improve the quality of our vehicles and in this regard, we
are greatly encouraged by the excellent results our vehicles have received in recent J.D. Power and
Associates studies and in other similar independently conducted surveys. Our Six Sigma quality campaign is
yielding solid results and is being expanded to all branches of the organization, as well as to vendors who
conduct business with us. The publication in 2003 of the inaugural edition of our Sustainability Report not
only signals Hyundai Motor Co.’s commitment to greater transparency in our corporate governance and the
establishment of sustainable management practices but will also greatly reinforce the trust and confidence
placed by you, our stakeholders, in Hyundai.
We have begun the process of implementing our new brand strategy which will sharpen the focus of our
marketing communications and will provide us with a greater competitive edge. The decisions and actions
undertaken by the board of directors will continue to safeguard the interests of our stakeholders while at the
same time complying with the trend toward greater transparency in corporate governance in keeping with
our determination to set the standard for sustainable management in the Korean corporate sector. It is my
hope that this report provides you with greater insight and confidence in Hyundai Motor Co.
Yours sincerely,
Chung Mong-Koo
Chairman and CEO
Letter from the Chairman
011_ Hyundai Motor Company Annual Report 2003