New Hyundai CEO pledges ‘no significant change’ in strategy

Incoming Hyundai CEO Jose Muñoz insists there will be “no significant change” in the company’s strategy following his promotion to the top job.

Currently chief operating officer, Muñoz will take over the CEO role from Jaehoon Chang on 1 January 2025. Chang has been promoted to vice chair of the company’s automotive division.

Speaking at the Los Angeles motor show at the unveiling of the Hyundai Ioniq 9, Muñoz said Hyundai will “keep working on great design and technology, and making good decisions for customers” and the firm’s retailers.

“We will continue to improve,” he said, giving a simple summary of how the company will look under his leadership.

Muñoz also confirmed Hyundai will continue to invest in all powertrain technologies, which he called a “good strategy” as a global car maker. “We are ready for any decisions a customer makes,” he said.

Specifically around electric car investments and the pricing of EVs, he said the firm will “do our best to remain competitive” for customers while also maintaining profitability for the company.

Born in Spain, Muñoz will be the first non-Korean to lead Hyundai Motor Company since it was founded in 1967.

Joining Hyundai in 2019, Muñoz was appointed global chief operating officer, with a second role as the president and CEO of Hyundai and luxury brand Genesis in the US. In 2022, he was called up to the board of directors and that role expanded across Europe, India, the Middle East and Africa.

Hyundai hails Muñoz as a primary driver of its “profitability-focused sales structure” through his efforts to optimise volume and manage margins. Under his stewardship, the Hyundai and Genesis brands achieved record sales, market share growth and financial performance in the North American market.

Muñoz previously served in various high-ranking positions during a 15-year career with Nissan, where “he achieved significant profit growth and record sales”, according to Hyundai.

Muñoz’s appointment as CEO comes as Hyundai’s global electrification strategy picks up pace, with the new Ioniq 9 flagship one of more than 20 electric cars it plans to launch by 2030.

Progressing Hyundai’s hydrogen propulsion ambitions will be another prevailing priority for Muñoz, in line with the company’s push to offer a diversified global powertrain offering that meets different demands in different regions.

Under Muñoz, Hyundai will also continue to invest in hydrogen as an alternative energy solution – in passenger car, commercial vehicle and industrial contexts – and will expand its global offering of fuel cell vehicles, with a new Nexo due in the near future with a design evolved from the boldly styled Initium concept.

Speaking on confirmation of his appointment earlier this month, Muñoz said: “It’s an honour to serve Hyundai, our employees, customers, dealers and other stakeholders in this new role. Thank you to our executive chair Euisun Chung and vice chair Jaehoon Chang for your trust.

“Succeeding in this challenging industry requires excellence throughout the value chain, from design and engineering, to manufacturing, sales and service, along with a talented team that’s able to deliver every step of the way. I’m excited and motivated by the challenge ahead and want to continue Hyundai’s growth trajectory and laser-focus on exceeding customer expectations. It truly is a great time to be with Hyundai.”

Outgoing CEO Jaehoon Chang praised Muñoz as a “proven leader with vast global experience” and said he is well placed “to lead Hyundai as competitiveness and business uncertainty increases”.