HYUNDAI : Promote to Use English Name ‘Hyundai Corporation’ to Express Former Korean Name

After 45 years since its foundation, Hyunai Corporation is about to remove the image of 'General Trading' in its former Korean name and use the English name to express the Korean name as its English name 'Hyundai Corporation' has been widely used with high recognition and reputation in overseas markets.

The board of director held the general meeting on the 9th day of March, 2021 and determined to use the Ensligh name 'Hyundai Corporation' known in worldwide markets to express the former Korean name.

Hyunai Corporation has been continuously proceeded the internal innovation and upgraded business structure in order to newly expand and diversify the business areas of the company through the discovery and development of new businesses beyond the limitation to previous specific business type of 'Trading' and based on this process to realize the vision, 'Prepared Centurial Enterprise' who pursues the future sustainable growth and development.

First of all, beyond the simple trading up, in order to advance to a value chain within the mobility industry, we have entered the mass production since last year through successful progress of the development of aluminum casting parts for automobiles and the joint operation of a factory together with domestic small champion companies. We have twice expanded the production capacity of a steel process plant for automobile and household appliances currently in operation in India and succeeded in the business operation of DKD for automobile.

We have advanced to the business of new renewable energy generation and operated six solar power plants with rooftop and carport types in Korea until now. We also have been operating the solar power plant at two places of Shizuoka Prefecture and Okayama Prefecture in Japan. Based on such accumulated knowhow, we have promoted continuous development of the project for new renewable energy generation in Korea and overseas countries.

Furthermore, we have promoted the business of F&B (Food & Beverage) through the subsidiary company of Hyundai Corporation Holdings. We have been successfully operating the mango factory, the packaging factory for food and beverage, and the modern distribution center for agricultural products with the first export quarantine facility in Cambodia and the mushroom cultivation factory in the UK and actively expanding their relevant areas. We also launched the independent corporation 'HYUNDAI NAVIS' on last July, 2020 to expand the exclusive business of logistics that had been developed for the prospective business to secure the original competitiveness of the company.

Such change of the name of Hyunai Corporation is the expression of the will to break away from the image and business model centered on 'Trading' which was entrapped in the previous name 'General Trading' and to expand the imagination of staff and employees for new businesses extensively and develop new cooperative models with competitive partnership companies in Korea and overseas countries to be transformed to advanced 'Global General Business Partnership Enterprise'.

Accordingly, Hyundai Corporation, as a momentum of present change of company's name, plans to proceed the diverse composition of business portfolio and its diversification by continuous promotion of the works to discover new business opportunities in new markets such as not only the manufacturing of auto parts, new renewable energy, F&B, distribution and logistics that have been in considerable progress but also the establishment of infrastructures for the manufacturing of parts for electric cars, eco-friendly materials and complex materials, and eco-friendly energy.

Hyundai Corporation was established by the founder of Hyundai Group Chung Ju Yung in 1976 and has strengthened the position as the window to overall import and export of Hyundai Group and the representative general trading company of Korea by the year 2000 to accumulate high recognition and reputation in Korea and overseas countries. We have now been enthusiastically establishing the sustainable growth basis as a part of 'Hyundai Corporation Group along with 'Hyundai Corporation Holdings'.