The Hyundai Group underwent massive restructuring following the 1997 East Asian financial crisis and the founder's death in 2001. Today, many companies bearing the Hyundai name are legally unrelated, with each company having a different chairman. Former components include Hyundai Group, Hyundai Kia Automotive Group, Hyundai Department Store Group, Hyundai Heavy Industries Group, and Hyundai Development Group. After the separation, Hyundai Group focuses on elevators, container services, and tourism to Mount Kumgang.
The word 現代 hyeondae is derived from Chinese and means "modernity" in Korean and other languages with heavy Chinese influence. It is pronounced [çʌndɛ], but is often pronounced pronounced /ˈhʌndeɪ/ in North America, as /haɪˈʌndaɪ/ in the United Kingdom, as /hiːˈʌndaɪ/ in Australia, and as [çjɯndai] in Japan. Early American advertising for the Hyundai Excel car informed readers that the name "rhymes with Sunday", which is similar to the correct Korean pronunciation.