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At the time of the Asian Economic crisis in , the company suffered from internal divisions and mismanagement. Most of the large subsidiaries were billions of dollars in debt. Creditors took over shares and the government forced the conglomerate to reform and restructure.

Hyundai Motors 3rd largest chaebol and Hyundai Heavy Industries Group is the 5th largest chaebol if they are separated. Hyundai Electronics, a major chip maker founded in , was spun off as Hynix in and renamed SK Hynix in The conglomerate also includes oil refining, department stores.

Chung Ju Yung divided Hyundai among his six surviving sons. Before his death in , he split his holdings, making Hyundai Motor and affiliate Kia Motors as an independent chaebol. Hyundai Motor Co became a publicly traded company. Hyundai Motor Company had , employees in Hyundai Motor Group has been the parent company since Its divisions are Genesis, Ioniq and Kia. The production output was 4,, units in Founded in , it was the parent company for the Hyundai Group.

Chung Ju Yung was the founder of Hyundai. Symbolizing everything that was good and bad about Korean business, he launched his company with hard work and moxy, built it into a huge chaebol with help from the government but ultimately presided over decline brought about waste, failure to make reforms, poor decision-making and cronyism.

Chung for many years was the richest man in South Korea and one of the richest in men in the world. Aidan Foster-Carter wrote in The Guardian: As the founder and driving spirit of Hyundai, South Korea's largest industrial conglomerate, Chung Ju-yung personified his country's ascent from poverty to global success.