The Inspiring Journey of Hyundai’s Founder, Chung Ju-Yung

After Maruti Suzuki, Hyundai is the second-largest car-selling company in India. But do you know who founded Hyundai? It was started by a South Korean man named Chung Ju-Yung, who had an incredibly inspiring journey from extreme poverty to becoming the founder of one of the world’s biggest automobile companies.

Born in 1915 in a poor Korean family, Chung Ju-Yung’s father was a farmer who worked tirelessly in the fields to feed his family. As a child, Chung dreamed of becoming a teacher, but financial hardships made education nearly impossible. Many nights, his family had to sleep on an empty stomach. To support his father, he worked in the fields all day, tended cattle, and even cut firewood to sell in the city.

However, whenever he visited the city, he was amazed by the clean streets, well-dressed people, and the abundance of food. He longed for a better life in the city, but his parents wouldn’t allow their 16-year-old son to leave.

The First Step Toward a Dream

One day, Chung came across a newspaper advertisement stating that workers were needed for a construction project in a nearby city. He knew his parents wouldn’t let him go, so in 1932, he ran away from home and traveled to Gyeongseong (now Seoul). There, he got a job as a laborer on a construction site. Though the work was difficult and the pay was minimal, he felt a sense of independence and hope.

However, his happiness was short-lived. After two months, his parents found him and forced him to return home. Chung tried running away two more times, but each time, his father tracked him down and brought him back.

At 18, he made one final escape to Seoul and started working on a construction site again. Later, he found a job at a rice store, initially as a delivery boy, but his hard work and dedication impressed the owner. Within six months, he was promoted to store manager.

Becoming a Business Owner

In 1937, the store owner fell seriously ill and could no longer run the business. Trusting Chung, he handed over the store to him. At just 22 years old, Chung became the owner and renamed it Kyungil Rice Store.

With his business philosophy of low prices, high quality, and timely delivery, the store flourished. However, success was short-lived. Japan controlled Korea at the time and, during World War II, the Japanese government took control of all rice shops, including Chung’s.

Left with no choice, he returned to his village.

Entering the Automotive World

In 1940, Chung took out a 3,000-won loan and started an auto repair shop called A-Do Service. Unfortunately, within a month, a fire destroyed the shop. Undeterred, he borrowed 3,500 won and opened a bigger garage.

His commitment to quality earned him a loyal customer base, and within three years, he paid off his debts and brought his family to live in Seoul. The business grew to 80 employees, but disaster struck again when the Japanese government merged it with a steel plant for war production. Once again, Chung lost everything and had to return to his village.

Despite the setback, he had saved 50,000 won and was determined to restart his business.

The Birth of Hyundai

In 1946, after World War II ended and Korea gained independence, Chung returned to Seoul and started Hyundai Engineering and Construction. Initially, his company worked on repairing U.S. military vehicles. Recognizing the demand for construction, he shifted focus and started taking government contracts for infrastructure projects.

By the 1950s, Hyundai became a key player in rebuilding South Korea after the Korean War. The company worked on expressways, nuclear plants, and dams, helping modernize the country.

Hyundai Motors is Born

In 1967, Chung founded Hyundai Motor Company. To start production, Hyundai partnered with Ford in 1968 and built Korea’s largest automobile plant in Ulsan. However, their first car, Hyundai Cortina, failed in the Korean market.

In 1974, a flood destroyed Hyundai’s Ulsan plant, leading to huge losses. But Chung refused to give up. He rebuilt the plant and, in 1975, launched Hyundai’s first self-made car, the “Pony.”

The Pony became a massive success, capturing 60% of South Korea’s car market and establishing Hyundai as the country’s leading car company.

Global Expansion & Legacy

Determined to grow, Chung expanded Hyundai internationally. By the 1980s, Hyundai entered North America and Europe, competing with global giants like Toyota and Ford.

Chung Ju-Yung’s relentless determination and resilience turned Hyundai into one of the world’s leading automobile and construction companies.

Today, Hyundai is a global automotive powerhouse, proving that hard work and perseverance can turn dreams into reality.