Hyundai Motor Group

The Hyundai Motor Group (stylized as HYUNDAI) is a South Korean chaebol (loosely similar to a multinational conglomerate but without a central holding company or ownership structure) headquartered in Seoul, South Korea. The largest member of the chaebol, Hyundai Motor Company, has a controlling stake in Kia Corporation, and they are the largest and second largest car manufacturers in the country respectively. According to the Organisation Internationale des Constructeurs d'Automobiles, it was the world's third-largest vehicle manufacturer by production volume in 2017, behind Japanese Toyota and German Volkswagen Group. The group was formed through the purchase of 51% of Kia by Hyundai Motor Company in 1998. As of December 31, 2013, Hyundai owns 33.88% of Kia. The Hyundai-Kia automotive group also refers to the group of affiliated companies interconnected by complex shareholding arrangements, with Hyundai Motor Company regarded as the de facto representative of the group. It is the second largest South Korean chaebol, after Samsung Group, related to other Hyundai-name industries following a specialized development split and restructuring which resulted in Hyundai Motor group, Hyundai Heavy Industries Group, Hyundai Development Company Group, Hyundai Department Store Group, and Hyundai Marine & Fire Insurance. Following several years of rapid growth, the Group sold 8.01 million vehicles in 2015, falling short of its sales target.