Hyundai Motor COO Jose Munoz (L), appointed to head Hyundai Motor as the company’s next CEO, attends an investors’ day event together with current CEO Chang Jae-hoon in Seoul on Aug, 28, 2024. (Yonhap)
SEOUL, Nov. 15 (Korea Bizwire) – The surprise appointment of Jose Munoz as the next chief of Hyundai Motor Co. strongly demonstrates the South Korean automotive giant’s determination to thoroughly prepare for increasingly uncertain market conditions, especially in America, following the reelection of former U.S. President Donald Trump, industry watchers said Friday.
Munoz, currently Hyundai’s global chief operating officer, was appointed to serve as the automaker’s chief executive officer (CEO) starting next year as part of major executive appointments across units within Hyundai Motor Group.
The Spanish national, who joined Hyundai in 2019, is recognized for having played a key role in leading the success of Hyundai’s recent record-breaking performance, including in its North American operations.
He will be the first non-Korean to head the South Korean automaker in its 57-year history. It also marks a rare appointment of a foreigner to the top post at a major South Korean company.
Before joining Hyundai, Munoz served as Nissan’s chief performance officer and head of the Japanese automaker’s North America and China operations.
Hyundai praised Munoz as being “the ideal fit to further enhance the company’s performance thanks to his merit-based management philosophy and his commitment to recruiting top global talent.”
The appointment comes as Hyundai and its affiliate Kia Corp. brace for a tumultuous future in their American operations, especially as Trump’s transition team reportedly aims to get rid of the electric vehicle (EV) tax credit program, part of the Inflation Reduction Act (IRA) introduced under the incumbent Joe Biden administration.
North America remains Hyundai Motor Group’s largest market, where it sold over 1.65 million vehicles last year.
“Munoz’s appointment as CEO is seen as reflecting Hyundai’s determination to better deal with the potential fallout in the U.S. market after Trump begins his second term,” an industry watcher said.
Sung Kim, a company adviser who has been appointed as a president to oversee global external affairs and public relations.
Along with Munoz, Sung Kim, a former U.S. State Department official who joined Hyundai as an adviser in January, was appointed as a president overseeing global external affairs, research of domestic and international policy trends, and communications and public relations initiatives.
The former U.S. diplomat is recognized for his expertise in international affairs, particularly in East Asia and the Korean Peninsula. The Korean-American held key State Department positions across multiple previous administrations.
Since joining Hyundai, Kim has supported the group’s global trade and policy response strategies, as well as external networking efforts.
Munoz and Kim are expected to play a crucial role in shaping Hyundai’s strategy toward the U.S. market under the new Trump administration.
The Korea Institute for Industrial Economics and Trade said in a report last month that a Trump administration “could withdraw from the Paris Climate Agreement, roll back on fuel efficiency regulations for internal combustion engine vehicles and eliminate various requirements involving EVs.”
If realized, such a move could weigh down on Hyundai Motor Group, which has made an aggressive push in the North American EV market as of late.
Hyundai opened a new EV manufacturing plant, the Hyundai Motor Group Metaplant America, in Georgia this year, and is closely watching out for any possible changes to IRA-related incentives under a second Trump administration, according to the industry watchers.
The headquarters of Hyundai Motor Group in southern Seoul (Image courtesy of Yonhap)
(Yonhap)
