Jose Munoz New Hyundai CEO... The Right Person to Lead the 'Trump 2.0 Era'

Active in Overseas Sales at Japanese Brands for 20 Years
Expert in Japanese Car Strategies and US Market Characteristics
Outgoing Salesman with High Understanding of Korean Corporate Culture
Turning COVID-19 Crisis into Opportunity... Contributed to Rapid Growth in US Market
CEO Munoz: "We Will Exceed Customer Expectations"

Jose Munoz, the newly appointed CEO of Hyundai Motor Company and the first foreign CEO in Hyundai Motor Group's history (pictured), is a typical sales expert. Over the past 20 years, he has led the resurgence of Japanese cars in overseas markets and is an overseas sales specialist who understands both the strategies of Japanese brands, Hyundai's direct competitors, and the characteristics of the U.S. market. This is why he is considered the right person to lead Hyundai Motor Group's global response strategy in the 'Trump 2.0 era.'

On the 16th, Munoz, the new CEO of Hyundai Motor, said, "I am honored to take on a new position to work for employees, customers, dealers, and shareholders," adding, "While continuing Hyundai Motor's growth trajectory, I will focus on customer service and exceed customer expectations."

Jose Munoz, the new CEO (President) of Hyundai Motor Company. Provided by Hyundai Motor Company

A Nuclear Engineering Student Who Entered the Automotive Industry

Born in 1965, CEO Munoz lived in Madrid, Spain, until his doctoral studies and early career. He earned a Ph.D. in Nuclear Engineering from Madrid Polytechnic University and worked at a research institute. At that time, the future of the nuclear power industry was uncertain due to the Chernobyl nuclear accident. He was introduced to a dealer to purchase a commuter vehicle, which sparked his interest in the automotive industry and led him to enter the automotive sector in earnest. The female dealer he was introduced to at that time is now his wife.

Most of his career can be summarized as an overseas sales expert for Japanese brands. From 1999, he worked for five years as a marketing manager at Toyota's European branch, and from 2004 to 2019, he built his key career at Nissan. He worked at Nissan's European and Mexican branches, served as head of Nissan North America, and held the positions of Chief Performance Officer (CPO) and head of the China branch.

He is known as a straightforward and typical salesman. Despite his outgoing personality, his work style is said to be quite meticulous. He is very numerically savvy, goal-oriented, and prefers detailed reports and instructions. Although he is Spanish-born and holds U.S. citizenship, he has a strong understanding of hierarchical organizational cultures. Having worked for a long time at Japanese companies, he embraces Eastern perspectives such as humility and respect for the organization.

Last year, in an interview with the nonprofit Korea Society, CEO Munoz emphasized, "When we work, there is always someone around to help, and individuals are part of a system. We must strive to pursue personal values while blending into the organization."

As a sales and marketing expert, he knows how to appropriately utilize the media. He actively participates in broadcast and newspaper interviews to explain the company's strategies and directions. This reflects his confidence as a top executive to answer thoroughly about the organization.

Last August, at the Hyundai Motor CEO Investor Day, President Jose Munoz presented the mid- to long-term strategy. Photo by Hyundai Motor

Hyundai Motor's Rapid Rise and Munoz's Role

Having worked for Japanese companies for over 20 years, he closely observed Hyundai Motor's growth. When he received an offer to join Hyundai Motor, he readily accepted. He said, "Moving to Hyundai Motor was a big decision in my life, but it was a very easy decision."

Munoz joined Hyundai Motor in April 2019, just before the COVID-19 pandemic. At the time of recruitment, he was appointed as Chief Operating Officer (COO), overseeing the Americas region, including North and Latin America. However, the automotive industry faced a crisis as projects ambitiously prepared were postponed one after another due to the pandemic, and the operation of assembly plants in various countries was at risk of suspension.

Munoz recalled that time as follows: "The finance headquarters recommended halting all business and investments. However, Chairman Chung Euisun opposed this. He judged that the COVID crisis could be a moment of challenge and opportunity for us."

While the group owner set the company's strategic direction, execution was the responsibility of executives and employees. They maintained plant operations by adjusting production volumes weekly and provided separate support to dealers struggling due to extended quarantine periods. Scheduled new car launches were not delayed but proceeded as planned.

As a result, in 2022, Hyundai Motor Group ranked third globally in sales for the first time. Looking at regional rankings, the 'top contributor' to the group's rise was the U.S. market. Hyundai Motor America set record retail sales for three consecutive years from 2021 to 2023, and sales revenue increased about 1.6 times over the past three years. During the five years Munoz oversaw the North American region, Hyundai's sales share in the U.S. expanded from 19.9% to 25.7%.

Performance quickly translated into rewards. Munoz is the only executive in Hyundai Motor Group to receive company shares as a performance bonus. Over the past two years, Hyundai Motor has granted 10 million shares of restricted stock units (RSUs) as bonuses. This RSU contract can also be interpreted as a reflection of Munoz's confidence in Hyundai Motor's business.

Challenges for President Munoz in the Trump 2.0 Era

Since the THAAD (Terminal High Altitude Area Defense) incident in 2017, Hyundai Motor has rapidly reduced its China share in its global portfolio, replacing it with the U.S. market. Especially in the U.S. eco-friendly vehicle market, including electric and hybrid cars, Hyundai's market share is rising faster than expected. Hyundai Motor and Kia's combined U.S. electric vehicle market share from Q1 to Q3 this year is 9.5%, approaching 10%. In sales rankings, they are second only to Tesla.

However, Donald Trump's re-election has cast a red light on the U.S. electric vehicle market. According to Reuters on the 14th (local time), the Trump administration transition team is reportedly discussing plans to abolish electric vehicle subsidies based on the U.S. Inflation Reduction Act (IRA). Moreover, Tesla CEO Elon Musk has been appointed head of the next administration's 'Government Efficiency Department,' advising on various U.S. industrial policies. Tesla supports the subsidy abolition, arguing it would hurt competitors more than Tesla itself.

Immediately, Hyundai Motor Group's $12.6 billion investment in an electric vehicle-only plant in Georgia, USA, and the operation of two battery joint venture plants could face emergencies. Hyundai plans to actively respond by increasing mixed production of hybrid models and enhancing production flexibility, but all decisions to revise strategies will likely be Munoz CEO's immediate challenges.

Hyundai Motor also appointed Sung Kim, former U.S. Ambassador to South Korea, as President in charge of global external cooperation and strategy to work closely with Munoz CEO. This move is to respond to uncertainties in the 'Trump 2.0 era.' Ambassador Kim, a former U.S. diplomatic official, has held key positions under the Obama, Trump, and Biden administrations. He is expected to expand external networking centered on the U.S. and strengthen communication with the new government.