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Hyundai Motor Group has announced a leadership transition, with current CEO, Chang Jaehoon, stepping up to the role of Chairman of the Hyundai Motor Group as of January 1, 2025. Taking on the role of CEO is José Munoz, the first foreign national to hold this position within the company.
Mr. Munoz, an American citizen, has an extensive automotive industry background. He previously served as Global Chief Operating Officer of Hyundai Motor Company and led Genesis Motor North America since 2019. Prior to joining Hyundai, he held several key positions at Nissan Motor, Toyota, and Daewoo Motors.
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Mr. José Munoz (left) and Mr. Chang Jaehoon (right). Source: Korea JoongAng Daily |
This leadership change aims to boost Hyundai’s sales performance in the competitive US market and bring the company closer to the American automotive industry. The announcement reflects Hyundai’s ambition to lead the race in new energy vehicles globally.
Hyundai’s stock price rose by 2.23% following the news, closing at 147.62 USD. A Hyundai spokesperson shared with the media that “Mr. Munoz is the right candidate to lead the company in the current challenging market.”
According to the Korea JoongAng Daily, this executive decision is part of Hyundai’s restructuring plan to realign the company with the US market. It also comes as the group prepares for potential changes in the political landscape with the return of Trump to the White House, who is expected to repeal the Inflation Reduction Act (IRA) and electric vehicle tax credits.
This political shift could impact Hyundai significantly, as the group has just completed an IRA-compliant plant in Georgia, USA, with a projected cost of 12.6 billion USD. The company’s recent struggles in the US market have also affected its profitability in the third quarter.
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