Chung Ju-Yung

Chung Ju-Yung (25 November 1915-21 March 2001) is always diasosikan the Hyundai group. As a pioneer in the globalization of Korea, he played an important role in the history of modern Korea.


Chung Ju-Yung was born as the son of farmers from eight children, six boys and two girls in the Asan-ri, Songjon-myun, Kangwon-do, the mountains of northern Korea. At that time, Korea was under the rule of the Empire of Japan since 1910.


As the oldest son, he's been working hard and be responsible with her sisters. Educate his own father Ju-Yung as a farmer from the small. He himself graduated from primary school Songjon in 1931. School while he has a hobby of reading the newspaper at the village office with the daily newspaper Dong as the only one that can be found in place. Through the newspaper's Ju-yung get jobs in construction in a large port Chungji, near the city of the former Soviet Union territory.


Chung Ju-Yung eventually left his family, along with his friends he went to Chungji to find a job. In the city of Wonsan, he hoped his friends there to work. But unfortunately he did not get a job and even had to sleep in the open Ruan. On his way to Chungjin, he got a job as a laborer in working railways. But he was summoned home by his father. Then he tried to run away from home to find his father got him a job but returned home. Ju-Yung finally saw an ad for his education at a school of accounting. He was interested and decided to run away from home a third time to take his money by 70 won and went to the station Chunglyanglee, on 10 April 1932. He used the money for school supplies. He was very hard and diligently to learn but it is also a hobby for reading library books and read books like the well-known biography of Napoleon Bonaparte (Life of Napoleon), Biography of Abraham Lincoln and the Story of the Three Kingdoms (The Three Kingdoms), and others . Chung Ju-Yung arguing with his father when his father succeeded him in his hut. He said "I do not want to go back hoe, doing the work of farmers, I do not want to impoverished rural".


Due to the severe conditions in the countryside, he and his friend escaped from the house, but separated again in Seoul. Chung himself on his way to Inchon to find a job and work to become anything. He worked as construction laborers. Not at home, he complained to the fate of Seoul. There he got a job at the store Bokheung Firm and worked as a sender of goods to the consumer with a monthly salary. At that time, 1934 Chung was still less than 20 years old.
Chung's career turned out pretty well there, he then believed by the leaders. Of his salary that he collected, then Chung buy some property for his family in Tongchon. And shortly afterwards, Chung Ju-Yung was married to Byun Joong-seok, a girl from the same village.


Shortly after the family, Chung returned to Seoul and rent a house in Shintangdong disitudia also opened a store named Kyongil klontongnya Firm. By managing your own business, he learned about business management. As a result, their economy is quite good.


In 1937, Japan launched a military aggression to China. So for military purposes and all the necessary ingredients of choice for Chung stores closed. Chung is very pressing and eventually made bankrupt, so he finally denan lived in the village with his family for a while. On February 1, 1940 he opened a car repair shop with the name "A do Service". He bought the land for 5000 won both of his savings and loans from customers. But it was only open five days, his shop was burned. Relentless, Chung won in 3000 borrowed from the consumer back and run a service do it in a new place with 50 workers. But he often got into trouble with the Japanese police. To avoid problems, he appealed to the police and her business running smoothly.


Workshop is also implementing a new strategy that menerapkn work efficiency and promptness so as to handle the job more quickly than its rivals. This strategy is then implemented into a secret code and Hyundai as well as a foundation in developing the future of Hyundai Motor Company.


In late 1941, Japan started the Pacific War (War of Greater East Asia or Dai toa senso) in World War II. Here Japan mobilize and mobilize all the resources of Korea. Many Korean companies have gone out of business, including Chung Ju-Yung companies are forced to merge with Japanese companies. This is an ordeal for Chung.


On 15 September 1950, the soldiers the United States (U.S.) landed at Inchon and headed north and was involved in the Korean War. U.S. soldier takes a lot of work, working in the field of construction. Chung Ju-Yung immerse yourself in it and is assisted by a U.S. lieutenant named McAllister. But one day, Ju-Yung doing a project on bridge Golyong (Golyong Bridge) over the Nakdong river began in October 1953 and completed in May 1955 with a budget of 50 million Won, but he suffered a loss of 70 million Won. Very high deficit was almost made bankrupt Hyundai. Here he did not give up, he said "This is not a defeat but a new trial". Here is where to establish a better corporate reputation as one strategy. Hyundai to win it even if it took 20 years to pay off their debts.


In the month of December 1966. two years before embarking on a project-Pusa road Seoul, Hyundai Motor Company was born in Seoul. Before that, the cars imported from Japan and Korea at that time, a very small car demand in the market about 30 thousand pertahu. And is not possible to establish an automobile industry in Korea. But Ju-Yung insisted on making the car industry there. Establish a capital of car repair experience as well as the belief that "the prosperity of a country run concurrently with the mobility and flexibility which the history of human development on the mobility of the horse to use the car, prove it". Then later transformed into a Hyundai car manufacturers with an output of one million units per year which put him as the strongest car manufacturer in the world. Had Chung Ju-Yung did not take the initiative, undoubtedly the Automotive Industry in Korea is only stay dreams.
Then Hyundai and Ford in the contract assembly technology within two years in which Ford invested at 79% while Hyundai's 21%.

2 years after the deal is completed, Hyundai offered with the amount of 50:50. Because Ford did not plan to continue business in Korea, the negotiations ended in the middle of the road. Chng finally decided to continue the assembly of the car itself in the name of Korea. He then entrusted it to his brother Hyundai Motors Chung Se-Yung and belatar to Italy to advance automotive technology. Hyundai's first model that came out of the assembly line is the Hyundai Pony in January 1976 that became the first car manufacturer to come out of Korea. Production coincided with the improving economic conditions of Korea and began the completion of roads projects. This local production went on to become very successful. Chung eventually stop the cooperation with Ford and running his own car company.


Based of the Hyundai Pony, Hyundai then went primarily to the next generation of cars. Thus was born the later models like the Hyundai Excel is very successful in the U.S. market. American clients are very surprised by the imagination of their makers. They do not know if the car maker was originally just a poor boy from the mountains of Korea.
Hyundai Group eventually develop into companies that are not only based on the car. There are also electronics companies, heavy industries, Miscellaneous, Construction and Finance & Services.