Hyundai Motor Group recently marked a significant milestone in its history, honoring the 25th anniversary of the passing of its Founding Chairman, Ju-yung Chung. To celebrate his enduring legacy, the Group hosted the “Memorial Concert for Asan Ju-yung Chung: Resonance That Continues” on February 25 at the Seoul Arts Center Concert Hall.
The event served as a powerful reminder of a pioneering business leader who built South Korea’s industrial foundation through bold vision, relentless determination, and a deep commitment to people.
A Musical Tribute to a Visionary Leader
The memorial concert drew more than 2,500 attendees, including government officials, business leaders, the Founding Chairman’s family, and Hyundai Motor Group employees. The event was anchored by the theme “Resonance That Continues,” illustrating how the founder’s life mission—creating better lives for people—still echoes across generations.
Four of South Korea’s most celebrated pianists took the stage to interpret the late Chairman’s spirit through music:
- Sunwook Kim (also serving as conductor/planner)
- Yekwon Sunwoo
- Seong-jin Cho
- Yunchan Lim
The performance featured Schubert’s “Fantasy in F Minor for Four Hands,” Rachmaninoff’s “Suite No. 2 for Two Pianos,” and collaborative four-piano renditions of Wagner’s “Tannhäuser Overture” and Liszt’s “Hexameron.” The four-piano finale beautifully symbolized how individual challenges can expand into collective resonance through unity.
“My grandfather’s beliefs and all his challenges began with ‘people.’ He had faith in the potential of people and achieved innovation for them. Although 25 years have passed… that resonance resonates even more strongly with me and all of us today.” — Executive Chair Euisun Chung
A Legacy of “People-Centric” Innovation
Ju-yung Chung’s journey is one of the most remarkable in modern industrial history. Born the eldest son of a poor farming family, he began his career as a dock laborer and factory errand boy. Despite losing early businesses to colonial rationing systems, fires, and the Korean War, his resilience never wavered.
His commitment to long-term national prosperity over short-term gains helped transform South Korea from the ashes of war into a global manufacturing powerhouse. This monumental impact was recently validated globally when Automotive News awarded the Chung family the 2025 Automotive News Centennial Award for their seminal role in the global automotive industry.
Key Milestones in Hyundai’s Foundation
| Decade | Milestone / Project | Impact & Significance |
| 1940s-50s | Founded Hyundai Motor Service (1946) & Hyundai Engineering & Construction (1950) | Rebuilt national infrastructure (bridges, dams, roads) following the Korean War. |
| 1960s | Founded Hyundai Motor Company (1967) | Refused to be a mere production base for foreign makers; committed to localized technology. |
| 1970s | Jubail Industrial Port Project (Saudi Arabia) | Secured a USD 930 million contract, easing Korea’s foreign-exchange crisis during the global oil shock. |
| 1970s | Development of the “Pony” | Successfully developed South Korea’s first mass-market vehicle built on proprietary technologies. |
Turning the Impossible into Reality
When faced with seemingly insurmountable obstacles, Ju-yung Chung famously asked, “Have you tried?” His unorthodox problem-solving methods broke molds and created unprecedented paths for the Korean economy:
- The KRW 500 Banknote Pitch: While trying to secure foreign loans to build a shipyard, Chung was repeatedly rejected. He finally convinced British banks by showing them a KRW 500 banknote featuring a 16th-century Korean “Turtle ship,” proving the nation’s historical shipbuilding prowess.
- Turning Crisis into a Shipping Empire: During the 1973 oil shock, buyers canceled orders for massive crude carriers built by Hyundai. Instead of absorbing the loss, Chung launched a merchant shipping company using the refused vessels, turning a severe crisis into a major growth opportunity.
- The “Ju-yung Chung Method” (Oil-Tanker Method): While reclaiming the Cheonsu Bay tidelands, currents of 8 meters per second repeatedly swept away massive boulders used for the sea wall. Chung innovated by sinking a decommissioned scrap vessel to block the current, successfully completing the embankment.
- The 1988 Seoul Olympics: Starting with an estimated three votes out of 82, Chung tirelessly lobbied the IOC in Germany. Through meticulous planning and relentless groundwork—even buying entire flower fields for bouquets—he successfully secured the 1988 Olympics for Seoul.
Progress for Humanity
Today, the spirit of Founding Chairman Ju-yung Chung endures across all companies bearing the “Hyundai” name. A creative entrepreneur unafraid of failure and a true humanist who valued his nation and its people, his philosophy remains the bedrock of the Group.
As Hyundai Motor Group looks to the future, it continues to drive innovations that advance human well-being and sustainability, firmly rooted in its guiding vision: “Progress for Humanity.”
