H-Story

Hyundai Corporation is taking a new turn in the auto parts business. Although Chairman Chung Mong-hyuk of Hyundai Corporation chose auto parts as a new business, the plan has been at a standstill due to the impact of Russia-Ukraine War. To turn things around, the company is opening a new plant in Indonesia instead of Russia. Hyundai Corporation has even readjusted the mass production schedule earlier than originally planned to spur new business.

Hyundai Corporation, like other Korean and Japanese general trading companies, has consistently sought to diversify its business. In 2021, the company added electric vehicle parts and eco-friendly materials to its target businesses. This led to the construction of a joint factory in Indonesia with a Japanese auto parts company. In 2022, Hyundai Corporation selected a business to recycle secondary batteries and solar panels.

Korean credit rating agencies have raised Hyundai Corporation’s rating to “A” (stable). Given its stable business profitability and favorable financial stability, the outlook for its future credit rating is evaluated to be stable.

Against the backdrop of trade deficits being posted for 15 months in a row, a local company has successfully signed a deal with a European pharmaceutical distributor to export lactic ferments to Europe, the birthplace of such ferments. The Korean company is Bereum (CEO: Han Kwon-il) that has concentrated on postbiotics R&D for the past three decades.

Hyundai Corporation (HC) has begun reinforcing its future growth engines by constructing another solar power plant in Japan. This initiative reflects Chairman Chung Mong-hyuck’s intention to strengthen eco-friendly projects and to reduce its reliance on trading.