Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Chung Ju-Yung, entrepreneur and the founder of one of the leading automobile corporations, initiated Hyundai Motor Company with a vision ‘New Thinking, New Possibilities’. Setting a benchmark across the global market it soon launched its first cars in India with widest possibilities and newer opportunities.

 

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Hyundai’s Vision : New thinking, new possibilities

Early Days

Born in 1915, to an impoverished peasant family living in Kangwon province (now a part of North Korea), Ju-Yung was the oldest child amongst a family of seven children, he worked odd jobs to look after his family and endured several stumbling blocks before he went on to build one of the world’s largest automobile companies.

 

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Chung Ju-Yung : Hyundai’s founder

The Rise of Hyundai

A Korean car manufacturer enters the country and soon becomes India’s second largest car seller and maker in a fast forward mode. Getting a hold on the Indian market was no easy task. Maruti Suzuki had a monopoly over the passenger car segment and to add to it Hyundai was from Korea, a nation which had no legacy in terms of automobiles for Indian car buyers

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Hyundai’s most successful SUV in India- Creta

 

 

Trying to mark its entrance, Hyundai established a green field plant near Chennai within 18 months and launched its first car in 1996- the Hyundai Santro which was a runaway success. In the time when even supreme car developers would stay away from Maruti’s entrenchment of value cars and would enter the market with high-value cars, Hyundai fearlessly took a head-on with Maruti. A high-decibel pre- launch, hooking Bollywood Superstar ‘Shahrukh Khan’ onboard as the brand ambassador, helped Hyundai establish itself in Indian buyers mind. It never stepped back from meeting every end to market its product extensively. From regular news updates of establishing manufacturing plants across the globe to introducing age-new technology at the earliest to its customers. The automobile leader surely knows how to keep them on edge.

 

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

Shah Rukh Khan endorsing one of the Hyundai’s latest launch -Xcent

 Customer Oriented

Hyundai always treated its Indian customers as first class citizens offering them the best from their treasure. They believed that customer service and sales outreach were the chief pillars for the supremacy in automobile market. They would launch a car in India before doing so at any other place in the world. Other automobile developers on the other hand like Benz and Ford offered Indian customers hand-me downs like Escort and Old E-class.
Hyundai has aggressively pushed its customer base by introducing completely different and innovative designs in value based cars. They introduced power steering in a small hatchback such as Santro while also producing a well-curated luxury sedan Accent thus winning over the hearts of Indian car buyers. Its fluidic designs have caught a lot of eyeballs lately. Rolling out regular product updates has been a key feature in strengthening its position over its competitors.

 

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

 Revolutionizing the Indian Automobile Industry

It can be fairly understood how it became India’s second largest car manufacturer producing 670,000 cars per year. To further boost its customer satisfaction policy it has 400 strong dealer network and more than 1000 service points across the nation. Hyundai offers cars suiting budgets that range from 2 lacs to 30 lacs and every design need from entry hatchbacks to premium SUV’s. Hyundai Eon, i10, Xcent, i20, Verna, Elantra and Creta have for long acquired the heart of Indian automobile industry.

 

Made in Korea: Chung Ju-Yung and the Rise of Hyundai

The i20 Active : Hyundai’s venture in the Crossover segment

 

 

They say, “no dream is too big” and the life story of this visionary is proof of that.  Ju-Yung dreamed of escaping the vicious cycle of poverty and achieved his goals with perseverance. He passed away at the age of 85, leaving behind a legacy. The company is in no way ordinary and yet it has a long way to go. Surely, it resonated as a success mantra for developing a comfortable ecological environment to its customers. It has changed the lives of 10 million customers and this paean comes from someone who has experienced the grandeur of a Hyundai car for almost a decade now.

Check out our review on Hyundai i10!

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