22 January 2016 ·
Hyundai’s rise to the top in 5 steps | Phil Gilbert Hyundai
From humble beginnings in Korea to record sales in the last five years, Hyundai has conquered the car industry by reinventing itself and focusing on delivering a luxurious product at an affordable price. Visit the five steps that built the manufacturing giant we know today.
1. Humble beginnings
Common to the Korean culture at the time, Hyundai founder Chung Ju-yung was asked by his father to cut his education short and help at the family farm to provide for his younger siblings. Chung Ju-yung started his journey in the car industry after the Japanese occupation got in the way of the rice shop business he started at twenty-two.
In 1946, Chung Ju-yung started the Hyundai Auto Service in Seoul with the U.S. military as his main customer. The construction company grew exponentially over the next twenty years and jumped into the car race in 1967 when Chung Ju-yung and his brother established the Hyundai Motor Company.
2. Hyundai joins the car race
Starting with the production of the Hyundai Pony in 1975, Hyundai joined the car race as the first Korean company to manufacture its own car. The market in Asia only had Japan manufacturing its own cars, which gave plenty of opportunities for Hyundai to grow. In the company’s early years, Hyundai focused on quantity, until a new mindset started to take ahold throughout the company and lead to the success of the Hyundai we see today.
3. New mindset
Jumping forward to 1999, a new mindset and strategy was introduced to Hyundai along with Chung Mong-Koo, son of Chung Ju-yung, as the new leader. Hyundai shifted from a focus on quantity to focusing significantly more on quality, which can be reflected in their line of cars today.
With the success of the Santa Fe mid-sized SUV, Hyundai significantly increased its engineering capabilities by employing over ten thousand engineers worldwide. The engineers contributed to the development of a new line of cars defined by their power and efficiency, with the Sonata in the forefront.
4. The Sonata
The Sonata helped the perception of Hyundai to really take a turn for the better. The Sonata managed to overcome the financial crisis by dethroning its competitors, the Honda Accord and the Toyota Camry.
In 2010, Hyundai posted record sales and became the fastest growing automotive manufacturer in the world. Combined with Kia, its sister company, Hyundai’s sales now exceed eighty percent of the overall new car purchases in Korea.
5. Luxury products at an affordable price
With the introduction of the Genesis series, Hyundai managed to deliver a luxurious sedan for half the price of the BMW 5-series, its German counterpart. Combining performance and an affordable price, the whole car industry took notice of the changes Hyundai made to its identity.
Hyundai has come a long way from building “disposable” cars and the world has noticed. The overall quality of its line of cars and the success of its higher-end models has propelled the Hyundai Motor Company to the forefront of the competitive car industry.
Visit Phil Gilbert Hyundai today to see the widest selection of Hyundai cars in Sydney.