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Chung Ju-Yung

The progress and success of the Hyundai Motor Company is a true “Cinderella story” and all started with a very devoted and hard-working man named Chung Ju-Yung (1915-2001). Mr.Chung was born into a poor peasant family in North Korea, but at the age of 18 he set off in search of a better life. He worked many jobs such as railroad construction and dock work, but still desired better for himself. Mr.Chung opened a rice store in 1938 but was forced to close it due to Japanese policies during their occupation of Korea during World War II. Once Korea was liberated, he went into business repairing trucks for the U.S. Armed Forces. Mr.Chung later became involved in engineering and construction of multibillion-dollar projects worldwide. Mr.Chung also began a shipbuilding company, which is now the largest in the world, by persuading a customer to give him a contract for tens of millions of dollars, even though he had no shipbuilding experience.

In his final years, Mr.Chung also devoted a large effort toward reuniting North and South Korea as an ambassador of peace. Many people feel that his efforts helped to bring hope back to the thought of reunifying Korea’s people. He also had many philosophies that he lived by such as this, “It is failures rather than successes that teach us invaluable lessons - It is not necessary to remember one's success. That should be remembered by others instead. Rather, we should remember our losses and failures - Those who forget their failures will fail again and again” (Info from hmmausa.com).

Hyundai Motor Company was founded in 1947 by Mr.Chung as Hyundai Engineering and Construction Co. Hyundai Motor Company was established 20 years later and is now the auto sales leader in the Korean domestic market and exports automobiles to 190 countries worldwide.

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