SEOUL (Reuters) -Hyundai Motor has appointed Jose Munoz, its U.S. chief and global COO, as co-CEO, marking a first for a foreign national in this role at a major South Korean conglomerate. This decision, along with the appointment of a former U.S. diplomat to handle global external affairs, is seen as a strategic move to help the company face potential challenges from a second Trump administration. #HyundaiUSChief
Hyundai, along with Kia, is the third-largest automaker globally and has three co-CEOs. Munoz, credited with driving record sales in North America, will report to co-CEO Euisun Chung. The other co-CEO is Lee Dong-seok.
Hyundai believes these leadership changes will improve its global competitiveness. The company is better positioned to handle uncertainties in the business world. Additionally, Sung Kim, a former U.S. diplomat, was appointed head of global external affairs in January.
Trump’s policies, which include raising tariffs on imports and cutting EV subsidies, could significantly harm Hyundai and Kia. The two automakers currently rank second in U.S. electric vehicle sales after Tesla.
About 60% of Hyundai and Kia’s U.S. sales come from imports, according to Hanwha Investment & Securities analyst Kim Sung-rae. Trump has also suggested imposing a 200% tariff on cars imported from Mexico, where Kia has a production plant.
Hyundai began EV production in Georgia last October, aiming for eligibility for federal credits under the Biden administration. Additionally, Hyundai plans to build two battery factories in North America in collaboration with LG Energy Solution and SK On. #HyundaiUSChief
Trump’s transition team plans to eliminate the $7,500 tax credit for EV purchases as part of broader tax reform. Munoz, a Spanish native with a PhD in nuclear engineering, became CEO of Hyundai Motor America in 2019. Before that, he worked for 15 years at Nissan and was once seen as a potential successor to Carlos Ghosn.
Hyundai’s US Chief Takes on Co-CEO Role Amid Policy Changes
Hyundai’s focus on North America remains steadfast, and with the Hyundai US chief now in a co-CEO role, the company is preparing for any shifts in policy. Munoz’s leadership will guide the company through the evolving automotive landscape, especially as Hyundai looks to build stronger ties in the U.S. market.
