The Hyundai Motor Company is a South Korean manufacturer of automobiles. In 2003 it was South Korea's largest car maker and the world's seventh largest car maker.
Chung Ju-yung founded the Hyundai Motor Company in 1947 as Hyundai Engineering and Construction Co. Hyundai Motor Co. (HMC) was established in 1967. The company's first model, the Cortina, was released in cooperation with Ford Motor Company in 1968. In 1975, the Pony, the first unique Korean car, was released, based on Japanese technology from Mitsubishi. The Pony was exported for the first time in 1976. In 1986 Hyundai began to sell cars in the United States, and the Excel was nominated 'Best Product #10' by Fortune magazine, largely because of its low price. The company began to produce models with its own technology in 1988, beginning with the midsize Sonata.