Hyundai CEO Hyundai Motor Group appoints Jose Munoz as CEO; South Korean automaker's first-ever foreign leader
Seoul/IBNS: Hyundai Motor Group has appointed Jose Munoz as its Chief Executive Officer, marking the first time a foreign national will lead the South Korean automaker.
The move is part of Hyundai's efforts to expand its presence beyond its domestic market, according to reports.
Munoz, 59, joined Hyundai in 2019 as Global Chief Operating Officer and has overseen operations across North and South America.
Before joining Hyundai, Munoz spent 15 years at Nissan Motor Co., including serving as Chairman of its China operations.
The Spanish-born executive will succeed Jaehoon Chang, who is being elevated to Vice Chairman of Hyundai's automotive division.
The leadership changes will take effect on January 1, 2025, according to a company statement released Friday (Nov. 15).
Munoz's appointment comes as Hyundai faces significant challenges in the evolving global auto industry.
These include slower progress in electric vehicle (EV) adoption, intensifying competition from Chinese automakers, and potential policy changes, such as reports of US President-elect Donald Trump considering the removal of a key EV tax credit, which has already impacted the stock prices of US automakers and Asian battery producers.
Hyundai remains committed to its ambitious goals, including doubling its lineup of hybrid vehicles and maintaining its 2030 target of selling 2 million EVs annually.
The company has been ramping up its presence in the United States, where it became the fourth-largest automaker in 2023.
Production at Hyundai's new plant in Georgia began last month, boosting the company’s North American output to nearly 1.3 million vehicles annually.
In Seoul trading on Friday, Hyundai Motor shares rose 1.2 percent, although the stock has shown little overall change this year.
The company also announced other leadership adjustments.
Sung Kim has been named President of Hyundai Motor, while Jun Young Choi has been promoted to President of Kia Corp., Hyundai’s sister company.
Hyundai Motor Chairman Euisun Chung will retain his position.
Despite these developments, Hyundai faces economic headwinds.
The company’s third-quarter earnings fell short of analyst expectations, with weak sales reported.
Hyundai Motor India, its Indian unit which recently went public in October, also posted a decline in quarterly profits.
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