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Business Leader of the Week: Hyundai Motor appoints Jose Munoz as Co-CEO amid shift

IFM_Jose Munoz
Jose Munoz used optimised volume and profit management to drive a sales structure that was focused on profitability

The US chief and global chief operating officer, Jose Munoz, was appointed co-CEO by Hyundai Motor, marking the first time a foreign national has held that position at a significant South Korean corporation.

It is anticipated that the action, in conjunction with the hiring of a former American diplomat to manage international affairs, will assist the carmaker in navigating any difficulties that might arise from a second Trump administration, especially on the electric vehicle front.

Hyundai, the third-largest carmaker in the world along with affiliate Kia, has three co-CEOs at the moment.

The company’s founder’s grandson, co-CEO and executive chair Euisun Chung, and president Chang Jae-hoon, who will take over as group vice chair and lead the automotive division, will still rank higher than Jose Munoz, who is credited with driving the company to record sales in North America.

The company’s other co-CEO is Lee Dong-seok, who also serves as its president.

“With the new leadership, Hyundai will be more competitive globally and better prepare for uncertainties in the global business environment,” the company said in a statement.

Sung Kim, a former American diplomat who helped Donald Trump during a summit with North Korean leader Kim Jong Un during his first term, was appointed advisor in January 2024. According to Hyundai, he will now oversee the company’s external affairs globally.

Trump’s proposed policies, including raising import taxes and decreasing subsidies for electric vehicles, can cause substantial harm to Hyundai and Kia, who rank second in US electric vehicle sales behind Tesla.

As per an assessment by Hanwha Investment and Securities analyst Kim Sung-rae, imports comprise around 60% of their United States sales.

In October 2024, Hyundai started manufacturing EVs at a Georgia plant, anticipating that the cars would qualify for federal credits established during the Biden administration.

Additionally, it has revealed plans to construct two battery factories in North America in collaboration with SK On and LG Energy Solution.

Early Life And Career Of Jose Munoz

In 2019, Jose Munoz joined Hyundai Motor Company as President and CEO of Hyundai and Genesis Motor North America, as well as President and Global Chief Operating Officer. Muñoz added Europe, India, the Middle East and Africa, and Asia Pacific to his list of leadership duties when he was appointed to the Hyundai Motor Company Board of Directors in 2022. He oversaw the Global Operations Division’s product, service, and sales planning worldwide.

Additionally, Jose Munoz used optimised volume and profit management to drive a sales structure that was focused on profitability. This resulted in record sales, market share growth and financial performance for both the Hyundai and Genesis brands in the North American market, contributing to the Group’s achievement of ranking in the top three global automotive companies by sales.

By luring and keeping top leadership talent, he has improved dealership networks, boosted operational performance, and raised the company’s competitiveness. The new Hyundai Motor Group Metaplant America production facility and two battery joint ventures in Georgia are being built with USD 12.06 billion under his direction.

Jose Munoz was the Chairman of Nissan China and North America and the Chief Performance Officer of Nissan Motor Corporation before joining Hyundai. He accomplished record sales and notable profit growth during his 15-year tenure.

Additionally, he worked for Toyota Motor Europe in several management capacities. Jose Munoz is a Spanish native and American citizen who graduated from the Polytechnic University of Madrid with a PhD in nuclear engineering and the IE Business School in Madrid with an Executive MBA.

He has completed executive management courses at INSEAD Business School in France and Cranfield School of Management in the United Kingdom. He is fluent in French, Spanish, and English.

Hyundai Stands At A Crucial Juncture

Hyundai has been hiring former South Korean diplomats in recent years to its Global Policy Office in a move widely seen as anticipating policy uncertainties that could come with a change in the American administration.

And that time has come, President-elect Trump’s transition team is reportedly planning to kill the USD 7,500 consumer tax credit for electric vehicle purchases as part of broader tax-reform legislation. Ending the tax credit will likely bring grave implications, as per the analysts, for an already stalling US EV transition. While Tesla (whose chief Elon Musk played a significant role in making Trump 2.0 happen), as per Reuters, has told a Trump-transition committee they support ending the subsidy, except Stellantis, no other automaker (including Hyundai) has made its stance clear on the issue.

“Repealing the subsidy, a signature measure of Democratic President Joe Biden’s Inflation Reduction Act (IRA), is being discussed in meetings by an energy-policy transition team led by billionaire oilman Harold Hamm, founder of Continental Resources, and Republican North Dakota Governor Doug Burgum,” Reuters reported in November 2024.

The Alliance for Automotive Innovation urged Congress in an October 15 letter to retain the EV tax credits, calling them “critical to cementing the US as a global leader” in future auto manufacturing. US Energy Secretary Jennifer Granholm said recently that cancelling the credits would make the US less competitive.

Trump campaigned on ending Biden’s EV mandate, without spelling out specific targeted policies. The energy-focused transition team has determined some of Biden’s clean-energy policies will be tough to end because they are popular and already funnelling money to Republican-dominated states,” Reuters reported.

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