Hyundai. In Korean, the word meads "modernity." Here in the US, we associate it with inexpensive cars.

The Hyundai Motor Company, based in Seoul, is a division of the Hyundai Kia Automotive Group, which is the largest car manufacturer in South Korea. It may seem like an upstart to many, but in 2005, the combined sales of the group made Hyundai Kia the world's sixth largest vehicle manufacturer. In addition, the Hyundai manufacturing plant in Ulsan, South Korea, is the world's largest such facility, and is capable of producing over 1.5 million units each year.

The Hyundai Motor Company was established in 1967, and its first model, the Cortina, was released with the cooperation of the UK branch of Ford a year later. In 1975, the first Korean car - the Pony - was released. It featured styling by ItalDesign's Giorgio Giugiaro, and powertrain technology furnished by Mitsubishi Motors of Japan. It began exporting to Ecuador and the Benelux countries the next year.

Hyundai didn't arrive in the US until 1986, but it's first offering, the Excel, was nominated for "Best Product #10" in Fortune Magazine, mainly because of its affordability. In 1988, beginning with the Sonata, the company began to produce models using its own technology. The same year, Hyundai began trying to brand itself as a world-class company. The parent company, Hyundai Motor Group, invested heavily in improvements to design, quality, manufacturing, and long-term research. It also added 10-year/100,000-mile warranties to its American cars, and began to market very aggressively.

In 2004, J.D. Power and Associates ranked Hyundai second in "initial quality," and it is now one of the 100 most valuable brands, worldwide. The slanted stylized "H" symbol of the Hyundai logo, meant to represent the company and customer shaking hands, is now familiar to most, as is the company's official slogan, "Drive your way."