On this day in 2001 South Korean entrepreneur Chung Ju-yung - founder of Hyundai - passed away at the age of 85.

Born to a family of impoverished Korean farmers under Japanese rule in the 1915, Ju-yung was educated at a humble Confucian school run by his grandfather and demonstrated his early business instincts by selling wood and rice before opening an automobile repair business in Seoul during the 1930’s.

After World War II, Ju-yung founded a new civil engineering company, Hyundai, to win contracts for rebuilding much of South Korea’s damaged infrastructure before diversifying into shipbuilding and car production, with the Hyundai Motor Company being formed in 1967.

Today the company employs over 100,000 people worldwide and sells vehicles in 193 countries through over 5000 dealerships, making it the third largest vehicle manufacturer on earth.

Sell or part ex your car today