English
Chung Ju-yung was born in 1915 in a small village called Tongchon in North Korea’s Kangwon Province. The eldest of seven siblings, Chung’s family made a modest living through rice farming. Although his father wanted him to continue farming, Chung dreamed of becoming a teacher. However, the family’s financial struggles meant education was a luxury he could not afford.
Chung’s determination to escape a life of farming led him to run away from home multiple times in search of better opportunities. At the age of 16, he managed to secure a job at a construction company, only to be brought back home by his father. This cycle of escape and return repeated several times before Chung finally left for South Korea in 1934.
In South Korea, Chung began working as a delivery boy for a rice shop. Impressed by his dedication and honesty, the shop owner promoted him to manager. By 1937, when the shop owner fell ill, he entrusted Chung with the entire business. At just 22, Chung became the owner of the rice shop. However, his fortunes took a turn when Japanese authorities shut down the shop in 1939.
Undeterred, Chung borrowed money from a friend to open an auto repair shop. His business thrived until 1943, when Japanese forces once again forced its closure during World War II.
After the end of World War II in 1945, Chung’s fortunes began to change. In 1946, he founded an engineering and construction company called Hyundai, which means “modernity” in Korean. The Korean War in 1950 forced him to flee to Busan, but Chung returned after the war and expanded his business.
Hyundai secured significant contracts from the U.S. military and the South Korean government, propelling the company’s growth. In 1961, when General Park Chung-hee came to power, Hyundai became a key player in South Korea’s reconstruction, taking on major infrastructure projects.
Hyundai Group grew to include 86 companies, producing everything from semiconductors to ships. Seeing immense potential in the automobile sector, Chung decided to design cars for the middle class. After eight years of rigorous effort, Hyundai introduced its first self-made car, the Pony, in 1975. Affordable and stylish, the Pony captured 60% of the Korean market.
In 1982, Hyundai entered the British market, selling 3,000 cars in its first year. By 1984, the company launched the Pony 2 in Canada, where its affordability made it a hit. In 1986, Hyundai entered the U.S. market with the Excel, which sold an astounding 170,000 units in its first year, becoming a best-seller.
Today, Hyundai is one of the world’s 100 most valuable brands and the third-largest car manufacturer, after Toyota and Volkswagen. Its business spans 193 countries, and in India alone, the company sold over 800,000 cars last year.
Chung Ju-yung passed away in 2001, but not before transforming Hyundai into a global automotive powerhouse and earning admiration across South Korea.
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