José Muñoz will become global chief executive officer of Hyundai Motor Co. on Jan. 1. It will mark the first time a non-Korean will move into that leadership position — and comes at a critical time for what has become one of the world’s largest automakers.
José Muñoz becomes the first non-Korean to lead the automaker. He takes over as CEO Jan. 1.
The world’s third-largest automaker will have a new CEO as of the beginning of the new year and Mexican-born José Muñoz will become the first non-Korean to lead Hyundai Motor Co.
He will replace the company’s current chief executive, Jaehoon Chang, who will move into the newly created role of vice chairman of Hyundai Motor Group’s Automotive Division.
“José is a proven leader with vast global experience and is ideally suited to lead Hyundai as competitiveness and business uncertainty increases,” Chang said in a statement. “As recently outlined at our CEO Investor Day, we have a clear Hyundai Way vision to create a future centered on mobility and energy. Together with José and the rest of our leadership team, the future is very bright for Hyundai.”
A fast climb
The 59-year-old Muñoz first joined the South Korean carmaker in 2019 after spending 15 years with Japanese rival Nissan. He left that troubled automaker following the arrest and prosecution of its Chairman Carlos Ghosn. He earlier spent time with Toyota.
Muñoz is taking over for Jaehoon Chang.
Muñoz initially came on board as the CEO of the Hyundai and Genesis brands in North America, though he also had responsibility for the Kia marque in his role as president and global chief operating officer. He was given additional responsibilities in 2022, among other things, overseeing the European, Middle East and Indian regions. And, in 2023, Muñoz was elected to Hyundai’s board of directors. He was also the first non-Korean in that role.
The latest elevation will help “better prepare (Hyundai) for uncertainties in the global business environment,” the company said in a statement. That includes challenges facing it over its aggressive battery-electric vehicle program at a time when U.S. President-elect Donald Trump is expected to take steps to roll back EV mandates.
New duties
In his new role, Muñoz will focus on “advancing the company’s global management system to further strengthen Hyundai Motor’s status as a global brand.”
In particular, the new CEO will be in charge of the “Progress for Humanity” strategy Hyundai laid out, with an emphasis on what the company calls “next-generation mobility.” Among other things, Hyundai is not only expanding its position as a global automaker but also launching new ventures, such as Supernal which is developing battery-powered air taxis. It’s also looking to find new uses for its hydrogen fuel-cell technology with the HTwo subsidiary,
“I’m excited and motivated by the challenge ahead and want to continue Hyundai’s growth trajectory,” said Muñoz in the company statement.
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Possible troubles ahead
Hyundai’s new plant in Georgia comes on line just as Muñoz takes on the top spot.
Muñoz has received strong praise for his moves since joining Hyundai five years ago. In particular, he helped drive the automaker’s North American operations to record sales levels with products such as the latest-generation Hyundai Tucson SUV. It has also gained traction with battery-electric vehicles such as the Ioniq 5.
It will launch another EV at the upcoming LA Auto Show, the three-row Ioniq 9 crossover. But, like its competitors, Hyundai faces challenges with the slowdown in growth of the U.S. EV market. And the incoming Trump administration has signaled that it likely will kill the current tax credits offered to many EV buyers.
Complicating matters further: Trump himself is exploring new tariffs on imported goods, especially automobiles. While the various Hyundai brands build a number of products in the U.S. — the company last month opening a new EV plant in Georgia — it still depends on imports from the home Korean market, as well as Mexico.
Muñoz’s “promotion is not only a preparation for Trump presidency, but also but also recognition of Muñoz’s role in Hyundai’s solid U.S. performance despite its EVs being not eligible for U.S. consumer tax credits,” Park Ju-gun, head of corporate analysis firm Leaders Index, told the Reuters news service.
Complex management structure
Separately, Muñoz will have to negotiate a rather labyrinthine management structure at Hyundai. While Chang may be stepping away of the day-to-day management role, the Korean automaker has two other CEOs. That includes Lee Dong-seok, who also serves as company president.
But the greater of equals is Euisun Chung, the grandson of Hyundai’s founder. He will now serve as both co-CEO and executive chairman.
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