Hyundai Motor Group chair inducted into Hall of FameHyundai Motor Group Chairman Chung Mong-koo will be inducted into the Automotive Hall of Fame, the company said Friday.
Chung is the first Korean to be honored in this way and joins historical figures, such as Henry Ford, Karl Benz, Soichiro Honda and Kiichiro Toyoda. The Hall of Fame deems them to be individuals responsible for “innovation, business operations and impact on consumers and the public.”
Established 1939, the Automotive Hall of Fame has honored nearly 800 business leaders from around the world. According to Hyundai, it is the most prestigious award in the automotive industry.
Chung was noted for Hyundai’s acquisition of Kia Motors; spearheading the group’s growth overseas, including the United States, Europe, China and India; as well as creating a vertically integrated business structure that does everything from making steel to assembling vehicles.
The acquisition of Kia Motors came at a time when Korea’s automotive industry was collapsing in the 1990s during the Asian financial crisis.
Despite a negative market environment, Kia was able to successfully revive under Chung’s leadership.
By Song Kyoung-son