Mong-Koo Chung's history of success
The story of Mong-Koo Chung is not simply the story of one man becoming rich. Instead, it’s a story about the rise of an entire country's automotive industry, which has helped South Korea become an economically prosperous nation.
Mong-Koo Chung first joined Hyundai more than five decades ago in 1970. He worked his way through the ranks, becoming chairman of different departments within Hyundai. When the country faced the 1997 Asian financial crisis, Chung is widely credited with helping Hyundai stay afloat.
Hyundai vehicles are now known for their quality
Quality has been at the center of Mong-Koo Chung's vision for Hyundai, and a major contributor to their success.
In the late 1990s, there were concerns regarding the quality of Hyundai vehicles. Under Chung's leadership, the manufacturer completely changed its quality practices. This has resulted in Hyundai earning a positive reputation among drivers for their vehicle quality.
What does it mean to be included in the Hall of Fame?
With his induction into the Hall of Fame, Chung joins a long list of prominent figures in the industry. The Automotive Hall of Fame was created in 1939 to recognize early pioneers of automobiles. It celebrates important innovations and figures who have driven positive change in the industry.
Under the leadership of Mong-Koo Chung, Hyundai has taken major leaps forward. If you drive a Hyundai, Kia, or Genesis, you can thank Chung for the vehicle's quality and innovative design.
Mong-Koo Chung wasn’t present at the ceremony, but his son Euisun Chung made a speech in his honor. Mong-Koo Chung's signature was then added to the Hall of Fame where it will now permanently remain.