Established in 1967 in South Korea, Hyundai Motor Company (HMC) made its first car model in 1968, with assistance from Ford Motor Company, before releasing its first Korean car in 1975. The company established Hyundai Motor America (HMA) in 1986 and placed one model on the American market. The car's affordability meant fast sales but with its poor quality, sales declined over the next two years. In 1988, HMC started funding continuing research in to its vehicles' quality, design and production. This reflects the company's modernity, which is the meaning of 'hyundai' in Korean. HMC reported US$57.2 billion worth in South Korean sales in 2004, with global sales of more than 2.5 million vehicles in 2005. The present headquarters of HMA is in Fountain Valley, California. Its manufacturing plants and research & development centers are located in North America. The Hyundai range of sedans; sport utility vehicles; coupes, and concept cars, all bear its logo: a slanted 'H' representing two people - the company and customer - shaking hands.
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