Hyundai General Trading Changes Name to 'Hyundai Corporation' After 45 Years Since Establishment

[Asia Economy Reporter Ki-min Lee] Hyundai Corporation is dropping 'Sangsa' from its name after 45 years since its founding.

According to Hyundai Corporation on the 10th, the company decided at the regular board meeting held the day before to change its name to 'Hyundai Corporation' and plans to finalize the decision at the shareholders' meeting scheduled for the 24th of this month.

The company explained that the name change aims to break away from the trading-centered image and business model confined by the existing 'general trading company' designation and to transform and leap forward as a 'global comprehensive business partner company.'

Hyundai Corporation was established in 1976 by Hyundai Group founder Chung Ju-yung and served as the export-import gateway for the broader Hyundai Group until the 2000s.

With the name change as a turning point, Hyundai Corporation plans to diversify and expand its business portfolio to include automotive parts manufacturing, renewable energy, F&B (food and beverage), distribution, logistics, as well as electric vehicle parts manufacturing, eco-friendly materials and composites, and eco-friendly energy infrastructure development.

Hyundai Corporation has already started mass production since last year by developing automotive aluminum forged parts and operating joint venture factories. In addition, it has entered the renewable energy power generation business and currently operates six rooftop and carport solar power plants domestically. It also operates solar power plants in two locations in Japan: Shizuoka Prefecture and Okayama Prefecture.

Furthermore, through its holding company Hyundai Corporation Holdings, it is pursuing the food and beverage business. Currently, it operates a mango farm, food and beverage packaging plant, and agricultural product distribution center in Cambodia, as well as a mushroom cultivation factory in the United Kingdom. In July of last year, it launched an independent corporation, 'Hyundai Nevis,' to expand its logistics business.

A Hyundai Corporation official said, "We have expanded and diversified our business areas by discovering and nurturing new businesses, breaking away from the limitations of the specific trading industry."

This content was produced with the assistance of AI translation services.