Hyundai Motor picks first foreign CEO in reshuffle as it braces for Trump By Reuters

Written by Yang Hee-kyung and Jin Hyun-joo

SEOUL (Reuters) – Hyundai Motor Co. on Friday named current U.S. chief executive and global chief operating officer Jose Muñoz co-chief executive officer, joining the CEO of the major South Korean conglomerate. It is unusual for a foreigner to hold the CEO position.

The change in management at the world’s third-largest automaker by sales, including its subsidiary Kia Motors, comes as the South Korean company, which has invested heavily in the United States, prepares for Donald Trump’s second term as president. Ta.

The company said in a statement that the leadership changes will “strengthen its global competitiveness” and help it “better prepare for the uncertainties of the global business environment.”

Hyundai Motor Company (OTC:) currently has three co-CEOs. Mr. Muñoz will join Mr. Eui-sung Chung and Mr. Lee Dong-seok, as well as Mr. Jang Jae-hoon, who will also become group vice chairman, overseeing the automotive division.

Sung Kim, a former U.S. diplomat who was part of the team supporting President-elect Trump’s first term during the summit meeting with North Korean leader Kim Jong Un, has been appointed president in charge of global external affairs. .

Hyundai and Kia Motors rank second in electric vehicle sales in the U.S. behind Tesla (NASDAQ:). They are bracing for a potentially big impact from President Trump’s pledge to impose tariffs on imports and cut subsidies for electric vehicles.

President Trump has also floated the idea of ​​imposing a 200% tariff on cars imported from Mexico, where Kia Motors operates a production facility.

Muñoz, a Spanish-born American citizen, joined the automaker in 2019 and previously served as CEO of Hyundai Motor America. He is credited with strengthening Hyundai’s electrification efforts and contributing to sales growth across multiple categories.

“Mr. Muñoz has been appointed as Hyundai Motor’s first non-Korean CEO and is expected to strengthen the company’s global management system and further enhance its position as a world-leading brand,” the South Korean automaker said. Ta.

“As CEO, Muñoz will play a key role in helping the company navigate the potential challenges posed by the second Trump administration,” said Shin Yoon-chul, an analyst at Kiwoom Securities.

Hyundai Motors has hired several former South Korean diplomats to its Global Policy Office in recent years, a move widely seen as preparing for policy uncertainty due to a change in the U.S. administration.

In January, the company hired Sung Kim as an advisor to “support Hyundai’s response to global trade, policy, and external networking.”

Hyundai Motor has invested $12.6 billion in EV and battery cell production in Georgia, US. This is the largest investment outside South Korea, thanks to the current administration’s push to move the EV supply chain to the United States. From Asia.

But President Trump’s transition team plans to eliminate the $7,500 consumer tax credit for EV purchases as part of a sweeping tax reform law, Reuters earlier reported, citing people familiar with the matter.

Munoz was once considered a possible candidate to take over the top job at Japan’s Nissan Motor Co. (OTC:) after the ouster of Carlos Ghosn.