1. Establishment of POONGSUNG Ind. (1948)

(2) The Dawn of the Era of Domestic Automobiles and the Start of POONGSUNG Ind.

In August 1955, the first domestic automobile was developed at an automobile maintenance facility called International Vehicle Manufacturing. The Jeep-type passenger car named “Sibal”, used the engine and transmission axle from Jeep, which were sold by the United States, and metal pounded flat from oil drums.

At the same time, Ha Dong-Hwan Motor Workshop, established in the same year, produced buses, and Senara Motors, Shinjin Motors, Asia Motors, Kia Industries, and Hyundai Motor were established, marking the beginning of the era of domestic automobiles.

At the dawn of this era of domestically produced automobiles, POONGSUNG Ind. incorporated as Poongsung Industrial Co., Ltd. in 1957 and entered the automobile products business in earnest. Chairman Hwang’s expectation while preparing the inception of the company more than 10 years’ prior—that the automotive industry would grow significantly in the future—came splendidly true. With the purpose of localization of automobile products, POONGSUNG Ind. began their continuous effort to acquire technology.