With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second chaebol.

[needs update] The name "Hyundai" comes from the Korean word 현대 (Hanja: 現代), meaning "modernity".

[3] Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam.

[7] In 1975, the group began construction on an integrated car factory and launched a new Korean vehicle.

[citation needed] In 1986 a Hyundai-manufactured IBM PC-XT compatible called the Blue Chip PC was sold in discount and toy stores throughout the US.

[10] During 1997 Asian financial crisis, Hyundai acquired Kia Motors and LG Semi-Conductor.

[citation needed] In 1998, Korea's economic crisis forced the group to begin restructuring efforts, which include selling off subsidiaries and focusing on five core business areas.

In 1999, Hyundai Asan was established to operating Kumgang tourism, the Kaesong Industrial Complex, and other inter-Korean work.

Headquartered in Seoul, South Korea, Hyundai operates in Ulsan the world's largest integrated automobile manufacturing facility,[2] which is capable of producing 1.6 million units annually.

The foundation has sponsored conferences on Eastern ethics and funded academic research into traditional Korean culture.