The Ledger
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Competing on Cost and Speed Makes Companies Resilient to Regime Change
“By behaving this way, Chung was making Hyundai regime-proof. Other Korean companies won contracts through political relationships. They prospered as long as their patrons held office. But the moment the political ones shifted, and in Korea they shifted constan…”
Hyundai Earned $2B From Foreign Construction Projects in 1979 Alone
“Hyundai earned two billion dollars in gross income from foreign construction projects in 1979 alone. It was now the fourth largest construction company in the world. Revenue had grown over a hundredfold in five years.”
Hyundai Built the World's Largest Shipyard in 27 Months
“Two years and three months after Chung had broken ground on an empty beach, the first stage of the shipyard was complete. It could build ships up to 700,000 tons. It was the largest shipyard on earth.”
Chung Ju-Yung: A Businessman Must Always Choose Reputation Over Money
“Trust is everything to a businessman. The moment you lose trust, it's all over. If I have to choose between reputation and money, I will always take reputation.”
Hyundai Won a Contract Worth Half of South Korea's Entire Annual Budget
“At nine hundred and thirty-one million dollars, it was roughly half the Korean government's entire annual budget. It was the single largest construction contract ever awarded to any company in the history of the world.”
Hyundai Bought More Heavy Machinery Than Existed in All of South Korea
“Hyundai alone spent over eight million dollars to buy 1900 pieces of heavy equipment for the project. The entire nation of Korea at the time owned only 1400 such machines.”
Hyundai Earned Top Credit Ratings by Finishing Projects Despite Massive Losses
“When the Ministry of the Interior assigned credit scores to the country's construction firms after the war, Hyundai's was the highest in Korea. Not because they had made money, they had lost a fortune. They got the highest score specifically because they had f…”
Chung Ju-Yung Was Forced to Pay $181M in Government Back Taxes
“Chung fought back, but eventually he was forced to pay one hundred and eighty one million dollars.”
Hyundai Required English Entrance Exams Years Before Other Korean Firms
“English tests were required at Hyundai years before the rest of Korea caught on.”
Chung Ju-Yung Marched His Sons 2.5 Miles to Work in Silence
“And then all of them would walk two and a half miles to Hyundai headquarters in downtown Seoul in silence. There was no conversation. There was no small talk. Just a formation of men moving through the city toward the company they all worked for. Chung did thi…”
Hyundai Built Its Ulsan Ford Assembly Factory in a Record Six Months
“The initial assembly plant went from groundbreaking to full-scale operations in under six months, which set a record for any Ford assembly factory anywhere in the world.”
Hyundai Was the First Korean Company to Build a Nuclear Plant
“Eventually, Hyundai became the first Korean company to build a nuclear power plant.”
Hyundai Won a $5.2M Thai Highway Contract Over 29 Global Competitors
“Hyundai submitted a bid of 5.2 million dollars and beat out 29 companies from 16 countries.”
Hyundai Was Left 650,000 Won in Debt After the Goryeong Bridge Project
“The contract paid Hyundai 547,800 won, which had seemed like an astronomical sum when they signed it two years earlier. But the project had left them 650,000 won in debt. They'd spent more than twice what they earned.”
Hyundai Had 82% Hands-On Labor Versus 60% for Japanese Shipbuilders
“A typical Japanese shipbuilder at the time had 20% of its workers in engineering and technical support. Hyundai had 11. The Japanese had 14% in supervisory roles. Hyundai had seven. That meant 82% of Hyundai's people were doing actual hands-on work, compared t…”
Hyundai Finished the Jubail Harbor Project Ten Months Ahead of Schedule
“In February of 1979, the Jabail Harbor was officially opened. Hyundai had finished 10 months ahead of schedule.”
Hyundai Completed the Soyang River Dam 30% Below Original Cost Estimates
“The dam broke ground in 1967 with Hyundai as the contractor. It was finished six years later at a cost 30% below the original estimates. It became the largest rock-filled dam in Asia.”
Hyundai Built Ships in Half the European Time at 10% Lower Prices
“A ship order placed at Hyundai took half the time it would take in a European yard, and at a price a good 10% lower than the nearest price competition.”
Hyundai Reached Over $10 Billion in Annual Sales by the Mid-1980s
“By the mid-nineteen-eighties, Hyundai was doing over ten billion dollars in annual sales and was the largest company in Korea.”
Hyundai Was the Only Korean Builder Directly Registered With the US Military
“Because of his wartime work with the Americans, they were the only Korean construction company registered as direct customer of the U.S. Eighth Army.”
The South Korean Government Drove 80% of Hyundai's Early-1960s Revenue
“By the early 19 sixties, 80% of Hyundai's revenue was coming from the Korean government.”
Chung Ju-Yung Was the World's Ninth Richest Person in 1996
“By 1996, he was the ninth richest person.”
Hyundai Built 13 Han River Bridges, Including Korea's First Suspension Bridge
“They would go on to build 13 bridges across the Han River alone, including Korea's first suspension bridge and its first cable-stayed bridge.”
At Its Peak, Hyundai Constituted 16% of South Korea's Entire Economy
“While many people think of Hyundai as a car company, at its peak, it accounted for 16% of South Korea's entire economic output.”
German Engineers Capped Hyundai Workers' Welding at 18 Meters Daily
“Hyundai workers were not permitted to weld more than 18 meters a day.”
Chung Ju-Yung's Eldest Son Died on a Highway His Father Built
“Chung's eldest son, Mong Pil, was killed in a car accident on the expressway, which was the very highway his father had built.”