Hyundai Corporation has established the largest Asian mushroom farm in the UK. As demand has been increasing due to local consumers’ preferences for healthy and vegetarian food, the company has constructed another production complex within five years of entering the UK market.
The entry of K-mushrooms into global markets has been accelerated. Mushrooms including Shiitake mushrooms that are widely used for Korean traditional pancakes, galbijjim (braised beef short ribs), japchae (glass noodles with sauted vegetables), and greens during national holidays including Chuseok (Korean Thanksgiving Day) have gained popularity in Australia and the UK.
Somewhat unfamiliar products, such as TVs, refrigerators, and vacuum cleaners, under the brand name of Hyundai Electronics were displayed at the “Hyundai” booth in Hall 6 of the Berlin exhibition center (Messe Berlin) in Germany.
The grand opening ceremony for the Indonesian plant of Sugihara Hyundai Automotive (SHA), a joint venture between Hyundai Corporation and Sugihara, a Japanese auto parts manufacturer, was held on August 31 in Bekasi Cikarang near Jakarta. The ceremony was attended by Ambassador Lee Sang-deok of the Republic of Korea to Indonesia, Indonesian government officials, executives and employees of Sugihara, including President Shigeru Sugihara, and Hyundai Corporation’s Chairman Chung Mong-hyuk, Vice Chairman Kim Won-kab, Vice President Nam Geun-ho and officials from the VS Team.
Hyundai Corporation is taking a new turn in the auto parts business. Although Chairman Chung Mong-hyuk of Hyundai Corporation chose auto parts as a new business, the plan has been at a standstill due to the impact of Russia-Ukraine War. To turn things around, the company is opening a new plant in Indonesia instead of Russia. Hyundai Corporation has even readjusted the mass production schedule earlier than originally planned to spur new business.
Hyundai Corporation, like other Korean and Japanese general trading companies, has consistently sought to diversify its business. In 2021, the company added electric vehicle parts and eco-friendly materials to its target businesses. This led to the construction of a joint factory in Indonesia with a Japanese auto parts company. In 2022, Hyundai Corporation selected a business to recycle secondary batteries and solar panels.
Korean credit rating agencies have raised Hyundai Corporation’s rating to “A” (stable). Given its stable business profitability and favorable financial stability, the outlook for its future credit rating is evaluated to be stable.
Against the backdrop of trade deficits being posted for 15 months in a row, a local company has successfully signed a deal with a European pharmaceutical distributor to export lactic ferments to Europe, the birthplace of such ferments. The Korean company is Bereum (CEO: Han Kwon-il) that has concentrated on postbiotics R&D for the past three decades.
Hyundai Corporation (HC) has begun reinforcing its future growth engines by constructing another solar power plant in Japan. This initiative reflects Chairman Chung Mong-hyuck’s intention to strengthen eco-friendly projects and to reduce its reliance on trading.
Hyundai Corporation posted the highest earnings in its history last year and is expected to sustain its growth momentum in the first quarter of this year fueled by significant growth in steel and auto parts.