The company that owns Hyundai Motors also owns 32 percent of Kia Motors. While Hyundai is the largest car manufacturer in South Korea, Kia is the oldest car company in that country.
Kia was founded on June 9, 1944, as a bicycle manufacturer. In 1962, the company began producing cars and, in 1992, the first Kia vehicles were sold in the United States. Although the company saw success in automobile sales, the Asian financial crisis deeply affected the company. In 1997, Kia Motors declared bankruptcy. One year later, Hyundai, founded in 1947, bought 51 percent of the company, but the percentage has since declined. Both companies are part of the Hyundai Kia Automotive Group as of June of 2014. They are both headquartered in Seoul, South Korea.