Hyundai Motor appoints Jose Munoz as CEO, first foreign leader

(Bloomberg) — Hyundai Motor Co named Jose Munoz chief executive, making him the first foreigner to lead the South Korean automaker’s pursuit of overseas growth.

Munoz, 59, joined Hyundai in 2019 as global chief operating officer, overseeing the automaker’s operations in North and South America. Previously, he worked for Nissan Motor Co. for 15 years, including serving as chairman of the company’s China division.

Munoz, who was born in Spain, succeeds Jaehoon Chang, vice chairman of Hyundai Motor Group, the company said in a statement on Friday. These changes are effective January 1, 2025.

Munoz will be responsible for leading Hyundai Motor through a seismic shift in the global auto industry, which is grappling with a slowing transition to electric vehicles and facing increasing competition from a new wave of Chinese rivals. Reports that President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting the adoption of electric vehicles further clouded the outlook, sending shares of U.S. auto companies and Asian battery makers lower.

Hyundai aims to double its hybrid vehicle lineup while keeping its electric vehicle sales target at 2 million units per year by 2030. Hyundai Motor Co., which has expanded rapidly in the United States to become the fourth-largest automaker in the country by 2023, started producing cars at a new plant in Georgia last month, which will increase total annual vehicle production in North America to nearly 1.3 million vehicles.

Park Ju-gun, head of corporate research firm Leaders Index, said Munoz’s appointment was “innovative and surprising” and would change Hyundai Motor’s workplace culture. “Chairman Chung Eui-sun works harder than other conglomerates to find and promote external talents.”

“Munoz will be adept at navigating the uncertainty of the U.S. electric vehicle tax credit and designing a new strategy for the U.S. market under the Trump administration,” Parker said.

Hyundai Motor shares rose 1.2% in trading in Seoul on Friday. The stock has changed little this year.

In other changes, Sung Kim was named president of Hyundai Motor and Jun Young Choi was promoted to president of sister company Kia. Hyundai Motor Chairman Euisun Chung will continue in his role.

Hyundai last month reported third-quarter profit that missed analysts’ expectations amid tepid sales. The company’s Indian unit, which went public in October, also saw quarterly profits fall.

—With help from Seyoon Kim.

(Adds analyst comment in sixth paragraph.)

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