Hyundai Motor Co. has exported its 10 millionth vehicle in a ceremony held at its Ulsan plant's Pre-Delivery Inspection Centre. The landmark vehicle was a Tucson SUV bound for France.
"What we are really celebrating today is the growth of the Hyundai family, which now extends to 10 million satisfied customers around the world: that is what makes us especially proud," Hyundai Motor Co. vice-chairman and CEO Kim Dong-Jin told an assembled crowd of employees, local journalists, government officials and senior executives representing Korea's leading automaker and suppliers.
"Last year, for the very first time Hyundai Motor saw its overseas sales break past the one million per annum mark, a feat which is second only to Toyota in terms of volume," vice-chairman Kim explained.
"Today, Hyundai Motor employs, directly and indirectly, some one million people worldwide and conducts business with nearly 2,000 local and overseas suppliers. And with foreign exchange earnings of $10 billion last year, Hyundai Motor is a major contributor to the growth and development of the Korean economy.
To mark this special occasion, a number of citations and plaques of appreciation were presented by vice-chairman Kim. Recipients included local suppliers who have met the company's uncompromising quality standards and who have played a major role in helping Hyundai Motor reach this milestone.
Plaques were also handed out to outstanding Hyundai employees in the production, quality control, supply, R&D, marketing and overseas sales departments.
Hyundai Motor has played a major role in the growth of the Korean economy since it was set up in 1967. Between 1976 and 2003, Hyundai Motor's exports skyrocketed from $3.1 million to $12 billion, which accounted for five per cent of Korea's total exports that year.
By investing in the continuous upgrade of its technology, the expansion of its knowledge base and the cultivation of new markets, even during economically challenging times such as the oil shocks of the Seventies and Eighties and the Asian financial crisis of 1997, Hyundai Motor has emerged as not only the unquestioned leader of the Korean automotive industry but also as a major engine of growth for the Korean economy.
Worldwide acceptance of the Hyundai brand has grown commensurately with the strides in quality which have been spearheaded by the Quality First campaign initiated by chairman Chung Mong-Koo.
Citations from J.D. Power and Associates, Strategic Vision, AutoPacific and other independent arbiters of automotive quality attest to the huge gains Hyundai has realised in the quality, reliability and appeal of its vehicles.
Moreover, the company has in recent years tailored its products to the particular requirements of individual markets such as the Santa Fe in the United States, the Getz supermini in Europe and the Elantra in China.
The number of export markets have grown in step with the increase in exports: in 1980 Hyundai vehicles were sold in just 38 countries but the number has grow to 193 with Iraq, Afghanistan and Tunisia accounting for the most recent additions.
At the same time, the total number of dealers worldwide has surpassed 5,000 while new export bases have been established through Hyundai Motor subsidiaries in India and Turkey, which now serve markets worldwide.
It took Hyundai Motor 22 years to pass the five million export milestone, which was reached in 1998. But the second five million was realised in just five and a half years. Set end-to-end, the 10 million vehicles would form a line 45,000km in length, surpassing the circumference of the globe.
Even more remarkable is that Hyundai managed to reach this milestone in just 28 years since filling its first overseas sale, a modest order for six Pony hatchbacks from a taxi fleet customer in Ecuador.
By far, the most popular Hyundai export model has been the Accent, which accounted for 2.1 million of the 10 million total, followed by Elantra (Lantra) which in its three iterations making up some 1.72 million units of the total.
Since 2000, Hyundai has seen a steady increase in the overseas demand for higher value added vehicles, such as the Sonata and the Santa Fe, vehicles which have helped enhance profitability as well as upgrade Hyundai's brand image.