The automobile manufacturer known for bolstering competitiveness through innovations and bold investments is Hyundai motor company, which is a globally known name in the car industry.
It is the Korean conglomerate founded in 1967 by Chung-Ju-yung and headquartered in Seoul, South Korea & is one of the most noticeable brands worldwide and has presence in 193 countries. Hyundai has been around for last 30 years and has not only survived but also led the industry in its own unique way.
Hyundai’s growth was linked inextricably to South Korea’s reconstruction programs following World War II and the Korean War as well as to the state-led capitalism that resulted in a polarization of the country’s corporate structure and the domination of the economy by a number of conglomerates.
The Ulsan car production plant operated by company is the largest worldwide, with a production capacity of 1.6 million annually. It has a product line ranging from compact cars to premium and SUVs also. Hyundai Elantra has become the most popular car in compact segment and sales figures support the claim. Moreover, it has cars like I10, I20, I30, Creta, Verna, Elite to make portfolio more attractive for customers. Hyundai actually makes its own steel rather than depend on the work of suppliers. This is a pretty big departure from the norm in the industry, and, as a result, Hyundai can make its steel with its own specifications.
Hyundai was the first mainstream automaker to utilize lithium bromide batteries in its cars (Hyundai sonata hybrids). Dedicating much strategy to technology, Hyundai, the stalwart in technology has offered Android Auto smartphone integration system. In coming year, company is thinking to launch Hyundai Carlion compact SUV, Tucson, new Generation Verna, Eon Facelift etc.