As well as cars, the company also has interests in oil refining, petrochemicals, ship building and machinery and, as a result, the city is set for further growth in the 21st century.
Hyundai, which produces 1.4 million cars a year, is one of South Korea's big five jaebol.
Jaebol are family-run conglomerates founded on government-subsidised loans and there are 30 in total in the country.
As well as Hyundai, the other big name jaebols are Samsung, Daewoo, LG (Lucky Goldstar) and SK (Sunkyong).
The change in the city's fortunes, quite literally, is not wholly surprising.
People of the Gyeongsangdo are renowned as being go-getters.
They are short-tempered and very decisive, making clear-cut decisions when opportunities present themselves.
That is not to say that the city is purely a hard-edged commercial centre.
The stadium at Ulsan, that will host three World Cup matches, is one of the most striking in the competition and boasts a beautiful backdrop.