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Hyundai Motor Group

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The Hyundai Motor Group (Hangul: 현대자동차 그룹; hanja: 現代自動車 그룹) is a South Korean multinational conglomerate company headquartered in Seoul, South Korea. It is the largest automobile manufacturer in South Korea, the second largest automaker in Asia and the world's fourth largest automaker in 2011. The group was formed through the purchase of 51% of South Korea's second-largest car company, Kia Motors, by Hyundai Motor Company in 1998. As of December 31, 2013, Hyundai owns 33.88% of Kia Motors. The Hyundai Kia Automotive Group also refers to the group of affiliated companies interconnected by complex shareholding arrangements, with Hyundai Motor Company regarded as the de facto representative of the Group. It is the third largest South Korean chaebol or conglomerate after Samsung Group and SK Group. They also manufacture buses & heavy trucks.

Following the 1997 East Asian financial crisis and Chung's death, Hyundai underwent a major restructuring and break-up, which reduced the Hyundai Group's business to encompass only container shipping services, the manufacturing of elevators, and tourism. Today, most companies bearing the name Hyundai are not legally connected to Hyundai Group. They include Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company. However, most of the former subsidiaries of the Hyundai conglomerate continue to be run by relatives of Chung. If these companies were considered as forming a single broad family business, then it would remain the largest company in South Korea with enormous economic and political power in the country.

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