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The Hyundai Motor Company (HMC) is a South Korean manufacturer of automobiles. In 2003 it was South Korea's largest car maker and the world's seventh largest car maker. HMC operates the world's largest integrated automobile manufacturing facility in Ulsan on South Korea's southeast coast.
History
Chung Ju-yung founded the Hyundai Motor Company in 1947 as Hyundai Engineering and Construction Co. Hyundai Motor Co. (HMC) was established in 1967. The company's first model (Cotina) was released, in cooperation with Ford Motor Company, in 1968. In 1975, Pony, Korea's first proprietary model, was released, based on Japanese Mitsubishi technology. Pony was exported for the first time in 1976. In 1986 Hyundai began to sell in the U.S., and the Excel, as the Pony was known there, was nominated 'best product 10' by Fortune magazine, largely because of its low price. The company began to produce models manufactured with its own technology in 1988, beginning with the mid-size Sonata.
Hyundai cars are often perceived as low-end, unreliable, and undrivable due to its malfunctionings. Recently, it has begun to overhaul its image in an attempt to establish itself as a reliable brand. The efforts have yet to be determined to be successful or not.
In 1998, after a shake-up in the Korean auto industry caused by overambitious expansion and the previous year's financial crisis, Hyundai acquired Kia Motors. In 2000, the company established a strategic alliance with DaimlerChrysler and severed its partnership with Hyundai Group. In 2001, Daimler-Hyundai Truck Corporation was formed. In August 2004, DaimlerChrysler sold its 10.5 percent stake in Hyundai for $900 million U.S. dollars.
Business
HMC is a division of Hyundai Motor Group. In 2003 it had an annual sales of $38.994 bn and a net income of $1.486 bn, with 51,471 employees.
Hyundai has been investing in Hyundai manufacturing plants in North America, India, China, Turkey and research and development centers in North America, Japan and Europe.
2004 model year
See also
External links
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