Hyundai Motor Group Chairman Chung Mong-koo will be the first Korean to be inducted into the Automotive Hall of Fame, the automaker said Thursday.

The 2020 induction ceremony will be held in Detroit at the MGM Grand Ballroom on July 23.

Established in 1939, the organization has honored some 800 business leaders around the world who have created, shaped and changed the mobility market.

Past inductees include Ford founder Henry Ford, inventor Thomas Edison, founder of Mercedes-Benz Karl Benz, founder of Honda Motor Soichiro Honda and Toyota Motor founder Kiichiro Toyoda.

Chung, who had previously received the distinguished service citation award in 2001 from the Automotive Hall of Fame, has been credited with bringing Hyundai Motor to the global stage and reviving its sister company Kia Motors during the Asian financial crisis in 1990s.

The two brands sold 7.2 million cars in 2019, commanding an 8.5 percent share of the global auto market.

By Kim Byung-wook (kbw@heraldcorp.com)