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Hyundai Elevator marks 40 years with vision for future innovation

By Kim Hae-yeon

Published : May 22, 2024 - 15:57

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Hyundai Group Chairwoman Hyun Jeong-eun delivers a speech at the 40th anniversary event held at Chungju Hyundai Elevator Smart Campus on Wednesday (Hyundai Elevator) Hyundai Group Chairwoman Hyun Jeong-eun delivers a speech at the 40th anniversary event held at Chungju Hyundai Elevator Smart Campus on Wednesday (Hyundai Elevator)

South Korea's largest elevator manufacturer Hyundai Elevator celebrated its 40th anniversary on Wednesday, pledging to solidify its path toward becoming a centennial company with a vision centered on ESG management practices and urban air mobility.

"Hyundai Elevator has grown into a cornerstone of the Korean industry through relentless challenges and innovations since honorary chairman Chung Ju-young planted the seeds 40 years ago," Hyundai Group Chairwoman Hyun Jeong-eun was quoted as saying during a ceremony held at Hyundai Elevator's Chungju headquarters on Wednesday. "Let's achieve another miracle of technological innovation to ensure a century-long legacy, just as we have over the past 40 years."

The event was attended by over 600 executives and employees, including the chairwoman and Hyundai Elevator CEO Cho Jae-cheon. Also in attendance were local officials such as North Chungcheong Province Gov. Kim Young-hwan, lawmaker Lee Jong-bae and Chungju Mayor Cho Gil-hyung, who joined in celebrating Hyundai Elevator's milestone.

The celebration featured various social events and performances, including a historical video reflecting on the company's 40 years.

In line with its anniversary, Hyundai Elevator declared its ESG management slogan "Elevate Together, Elevate To Better," emphasizing healthy growth of members of its industrial ecosystem, including shareholders, clients, partners and communities.

The celebratory choir performance was conducted by a choir established through Hyundai Elevator's agreement with the Korea Employment Agency for Persons with Disabilities, aimed at promoting employment opportunities for disabled individuals.

Executives and employees participated in the plogging donation campaign in the afternoon, cleaning up the city community while raising funds based on the number of steps taken during the activity. The funds raised will be donated to support children with diseases and provide scholarships for students.

"If the past 40 years were about catching up with global companies, the future will be about setting standards," the CEO was quoted as saying, while emphasizing employees to move forward together towards a future where the company can grow with communities and continue to innovate.

Founded in 1984, Hyundai Elevator saw significant growth from 1989 under the leadership of the late Chairman Chung Mong-hun. It expanded internationally in 1993 with the establishment of Shanghai Hyundai Elevator Co., following the production milestone of 10,000 elevators in 1992.

Hyundai Elevator has been a pioneer in the Korean market, achieving numerous firsts, including the machine room-less elevator in 1999, a car-break system in 2001, double-deck elevators in 2015 and jump elevators in 2018.

Hyundai Elevator has also developed some of the world's fastest elevators, including a 600-meter-per-minute elevator in 2009, a 1,080-meter-per-minute double-deck elevator in 2010 and a 1,260-meter-per-minute elevator in 2020.

Recently, the company has been at the forefront of integrating elevator and robot services, launching the MIRI (Maintenance Innovation and Real-time Information) service in 2022. The company announced that it is now focusing on future innovations with urban air mobility projects, including the introduction of H-PORT, a UAM take-off and landing site, garnering global attention.