Hyundai Motor Co has appointed Jose Munoz as its new CEO, marking a significant milestone as he becomes the first foreigner to lead the South Korean auto giant, as per reports.
Munoz, 59, brings extensive industry experience, having joined Hyundai in 2019 as global chief operating officer with oversight of North and South American markets. Prior to Hyundai, he spent 15 years at Nissan Motor Co., including a role as chairman of its China operations.
Effective January 1, 2025, Munoz will succeed Jaehoon Chang, who moves into a new role as vice-chairman of Hyundai’s automotive division.
Munoz’s appointment comes at a pivotal moment, with the global auto industry facing headwinds in the shift toward electric vehicles. His leadership will be crucial as Hyundai navigates these challenges, including a recent policy shift in the U.S. that may impact consumer tax credits for electric vehicle purchases. Hyundai’s Ioniq 5 EV, a popular model, is one of the vehicles eligible for the tax credit.
Additionally, Sung Kim has been appointed as president of Hyundai Motor, and Jun Young choi steps up as president of Kia Corp., Hyundai’s sister company.