Chung Ju-yung

Chung Ju-yung, the founder of the Hyundai Group, was born in 1910 in Asan-ri, a village in what later became North Korea. He grew up in a large impoverished peasant family and faced challenges during the Japanese colonial occupation.

Chung Ju-yung, a South Korean entrepreneur, founded Hyundai Groups, one of the largest chaebols in South Korea. He played a crucial role in the rapid development of Korea's economy, expanding Hyundai Heavy Industries and Hyundai Motor Group to global prominence.

Chung started as a delivery man at a rice store and quickly rose to become the bookkeeper and accountant. After the owner's death, he inherited the shop and renamed it Kyungil rice shop, leading it to success.

Chung attempted another escape to Seoul, South Korea by selling one of his family cows and buying a train ticket for KRW 70. However, his father found him two months later and returned him to Tongchong.

Chung Ju-yung successfully left his village at the age of 18 in 1931 to seek better opportunities in Seoul by working as a laborer at construction sites.

After a year in Asan helping his father, Chung decided to make another escape attempt from poverty. He sold one of his father's cows to get a train ticket to Keijō, where he enrolled in a bookkeeping school.

At the age of 18, Chung made his final escape to Seoul. He took up various jobs upon his arrival to sustain himself.

In 1937, at the age of 22, Chung Ju-yung became the owner of the Kyungil Rice Store in Keijō after the previous owner fell ill. This marked a significant turning point in Chung's entrepreneurial journey.

In 1938, Chung Ju-yung started his own rice store, marking his first experience as an entrepreneur. Unfortunately, he had to shut down the business a year later due to the policies enforced by the Japanese occupation forces.

Chung Ju-yung established the Kyongil Grain Company but had to close it in 1939 due to rice rationing imposed by Japanese authorities.

In 1940, Chung decided to try his luck in Keijō by entering the automobile repair business. He started the A-do Service Garage with a 3,000 won loan and saw significant growth in just three years.

In 1943, Chung Ju-yung's company A-Do Service, which he owned jointly with a Japanese partner, was folded into its Japanese parent company after four years of operation.

After the liberation of Korea in World War II, Chung Ju-yung ventured into repairing trucks for the U.S. Armed Forces. Subsequently, he transitioned into the engineering and construction sector, leading to the development of multibillion-dollar projects worldwide.

After Korea gained independence from Japan in 1946, Chung Ju-yung founded the company Hyundai to take advantage of the post-war rebuilding in Seoul.

Chung Ju-Yung founded the Hyundai Motor Company in 1947 as Hyundai Engineering and Construction Co., which later became Hyundai Motor Co. (HMC).

During the North Korean invasion of 1950, Chung fled with his younger brother to Busan for safety, abandoning his construction projects. He later resumed his work and continued to expand the company.

Hyundai experienced significant growth after General Park Chung-hee seized power in 1961 and initiated South Korea's industrialization efforts. Chung Ju-yung expanded Hyundai into a conglomerate making various products.

In 1967, Chung Yu-Tang founded the Hyundai Motor Company, a major automobile manufacturer based in South Korea.

Chung Ju-yung was instrumental in constructing the Gyeongbu Expressway in 1970, linking Seoul to Busan. This project significantly contributed to the development of South Korea's infrastructure after the Korean War.

In 1971, Chung Ju-Yung secured a loan from Barclays bank to start a shipbuilding project by showcasing a 500-won note with an image of a 16th-century Korean ironclad warship. This act demonstrated his innovative and bold approach to business.

Chung Ju-yung, with no experience in shipbuilding, created the Ulsan shipyard, the largest shipyard in the world. He simultaneously built the shipyard and vessel, delivering the first vessel within three years instead of five.

In 1973, Chung's company established the Ulsan shipbuilding yard, a significant development in Korea's transportation infrastructure sector.

Chung introduced the Hyundai Pony in 1975, showcasing European expertise in the automobile industry.

In 1977, Chung Ju-yung was unanimously elected as the chairman of the Korea Federation of Industries, a position he held for a full decade. This recognition highlighted his leadership and influence in the business sector of South Korea.

In 1982, Chung received the Golden Plate Award from the American Academy of Achievement, recognizing his significant contributions and achievements.

In 1987, Chung resigned from his position as active chairman of the Hyundai Group, although he continued as its honorary chairman. He surprised many by announcing his new career in politics, emphasizing the importance of wise leadership alongside economic power.

Chung played a major role in Seoul's successful bid to host the 1988 Olympics, showcasing his nationalist spirit and dedication to promoting South Korea on a global stage.

Chung Ju-yung made his first visit to North Korea in 1989, initiating efforts to establish contacts with the North. Although initial attempts were not successful, he later played a crucial role in promoting peace between the two Koreas.

Chung Ju Yung made an unsuccessful bid for president in 1992 and faced legal issues for illegally using $81 million of his own wealth in the campaign, leading to his son Chung Mong-hun serving jail time in his place.

In 1998, the Mount Kumgang Tourism Project was launched near the North-South Korean border, allowing hundreds of thousands of people to visit the scenic Mount Kumgang by crossing the heavily guarded border.

In 1999, Chung Ju-yung received the grand prize from the Korea Academy of Business Historians for his significant contributions to establishing businesses. This award recognized his entrepreneurial achievements and impact on the business community.

In his final years, Chung Ju-yung focused on promoting communication and unity between North and South Korea. He engaged in private talks with leaders, initiated cross-border business ventures, and made grand gestures like sending 1000 cattle to North Korea, aiming to bring hope for the reunification of the Korean people.

Chung Ju-yung, founder of the Hyundai Group, passed away in his sleep on March 21, 2001, at the age of 85 after falling ill with pneumonia earlier in the month.

Chung Ju-yung, the founder of Hyundai and a key figure in South Korea's industrialization, passed away at the age of 85. He played a significant role in the economic development of South Korea and also initiated contacts with North Korea.

Chung Se Yung, the younger brother of Hyundai Group founder Chung Ju Yung, who had led Hyundai Motor for 32 years, faced a power struggle as he tried to transfer control to his son. Despite his reputation as the father of the Korean car industry, Chung Se Yung was unable to pass on power due to interference from his older brother.