Hyundai picks José Muñoz as new global CEO starting Jan. 1

Hyundai has tapped José Muñoz, its North American chief and global COO, as its first non-Korean President and CEO. He will assume the role on Jan. 1, 2025.

Driving the news: Since joining Hyundai in 2019, Muñoz has achieved record sales and profits for the automaker's North American division. Now, the company is counting on his expertise to traverse a storm of policy changes that could upend its U.S. operations.

• President-elect Donald Trump's plan to end the $7,500 EV tax credit under the Inflation Reduction Act (IRA) threatens to undermine Hyundai's $12.6 billion investment in EV and battery production in Georgia. Without the subsidies, Hyundai will likely struggle to price its EVs competitively.

• Tesla — the dominant U.S. EV maker by a mile — has backed the tax credit rollback — hoping it will hurt rivals like Hyundai, which serves more price-sensitive customers.

• On top of that, Hyundai’s reliance on imports for 60% of its U.S. sales further complicates things. The new administration suggested 200% tariffs on Mexican-built vehicles. This could hit Kia, Hyundai's sister-company, particularly hard due to its massive production plant in Mexico.

Why it matters: For Hyundai, these challenges cut to the core of its U.S. strategy. The company has worked to position itself as a leader in EV adoption, climbing to the No. 2 spot in U.S. EV sales behind Tesla. But lost subsidies, higher tariffs, and supply chain issues could hurt Hyundai's momentum in the U.S. — it's its second-largest market.

What they're saying: “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,” Munoz said.

What’s next: Hyundai has some tough decisions ahead. Does it expand domestic production to reduce tariff risks? How will the company meet its EV goals if subsidies vanish and costs rise?

• The answers to these questions will shape Hyundai’s trajectory in the U.S. and across the globe.

The bottom line: The EV market is about to get even more competitive. So, Hyundai must act with agility, foresight, and calculated risk. Whether it can sustain its growth or lose ground to rivals will depend on how Muñoz and his team navigate the complexities ahead.

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