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(Bloomberg) -- Hyundai Motor Co. named Jose Munoz as chief executive officer, making him the first foreigner to lead the South Korean automaker as it seeks to grow outside its home country. Munoz, 59, joined Hyundai in 2019 as global chief operating officer, taking responsibility for the carmaker’s north and south American operations.
He previously worked at Nissan Motor Co. for 15 years, including a stint as chairman of its China unit. The Spanish-born Munoz replaces Jaehoon Chang, who is being promoted to vice-chairman of Hyundai’s automotive division, the company said in a statement Friday.
The changes are effective Jan. 1, 2025. Munoz will be tasked with leading Hyundai through a seismic shift in the global auto industry, which is grappling with a slowdown in the switch to electric cars and facing increasing competition with a new wave of Chinese competitors.
Further clouding the outlook was a report President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting EV adoption, which pushed down shares of US car companies and Asian battery makers. Hyundai aims to double its lineup of hybrid cars, while keeping its 2030 EV sales target at 2 million vehicles a year. Hyundai is rapidly expanding in the US, where it became the No.
4 carmaker in 2023, and last month started production of vehicles at a new plant in Georgia that will increase total output to nearly 1.3 million cars a year in North America. Munoz’s appointment is “innovative and surprising,” and will change Hyundai’s workplace culture, said Park Ju-gun, head of corporate research firm Leaders Index.
“Chairman Chung Euisun has been making more efforts than other conglomerates to scout and promote outside talent.” “Munoz will be good at handling the uncertainty over US tax credits for EVs and designing a new strategy for the US market under the Trump administration,” Park said. Hyundai Motor shares were up 1.
2% in Seoul trading Friday. The stock is little changed 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 Corp.
Hyundai Motor Chairman Euisun Chung will remain in his role. Hyundai last month reported third-quarter earnings that missed analyst estimates amid tepid sales. The company’s unit in India, which went public in October, also posted a drop in quarterly profit.
--With assistance from Seyoon Kim. (Adds analyst comment in sixth paragraph.) More stories like this are available on bloomberg.
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