General motors company Research Paper Example | Topics and Well Written Essays - 2000 words

General motors company - Research Paper Example The company is a South Korea conglomerate company with its headquarters in Seoul. Chung Ju-Yung founded the group in 1998 after the purchase of the second largest car company; Kia Motors, Hyundei purchased 51% of the company thus leading to the growth in the company’s operations and its market share. The acquisition of stake in Kia Motors saw the company’s reestablishment, thus leading to its growth. Hyundei Company deals in production of cars, minivans, trucks, buses and other commercial vehicles. In 2000, the company establishes a fuel task force in Yongin, which acted as the company’s research and development center. In the same year, the Hyundei saw its success after disclosing its first prototype fuel cell vehicle (FCV), which was regarded as the Sante Fe Sports Utility Vehicle just a few months signing an agreement with International Fuel Cells with an effort of supplying fuel cell power plant. The sales made by the company have over the years increased sig nificantly, for example, it made sales of over 3.6 million for its vehicles worldwide. The company is known for its operation of the world largest integrated automobile manufacturing facility, which is based in Ulsan, giving it an ability of annually producing up to 1.6 million units. Hyundai Company has been significant in the provision of employment opportunities; it has employed 75,000 persons worldwide. The company sells its vehicles to 193 countries; this is achieved by use of 6,000 dealerships and showrooms (Chung 22). The major achievement of the company was witnessed in 1986, when he sell its products in the internationally it began to sell cars to the United states, where its product Excel got nomination of being the best product this was because of its cheap prices hence affordability. This was a stepping-stone to the company and from then it began producing model using the available technology. The aggregate production of in 1990 was estimated to be over four million; the company has seen its success in development of gasoline engine and its own transmission. These developments have given the company an opportunity to become technologically independent. In 1998, the company in an effort of establishing the company as an excellent brand, management and leadership was transferred to Chung Mong Koo the son of Chung Ju-Yung. This marked the beginning of heavy investment, invention of various designs, manufacturing and effectiveness in research of the company’s vehicles. Hyundai motors have maintained its position in the region and the world its products are known for the profound performance it has portrayed; it has become the top most valuable brands worldwide (Chung). Situation Analysis The company has been ranked as the fastest growing car manufacturer in South Korea. Currently, the company is involved in marketing of 20 variants of passenger cars in six segments. The continued performance of the company of being the fastest and leading passen ger car manufacturer has lead to the company registering high sales of up to 299, 513 vehicles in 2006, and these amounts to 18.5% increase from over the previous year. The company’s growth rate in the domestic market is an increase of 19.1% in 2006 compared to 17.4% in 2005. The company’s subsidiaries like Hyundai Motor India Limited contain a fully integrated state-of-the-art manufacturing plant has assists in boosting of quality