By Kwanwoo Jun

Hyundai Motor appointed Jose Munoz as its new president and chief executive, making him the South Korean auto giant's first foreign leader as it seeks to expand into the U.S.

Munoz, who heads Hyundai Motor's U.S. operations, will succeed Jaehoon Chang, who will become the auto maker's vice chairman, effective on Jan. 1, Hyundai said Friday.

The reshuffle comes as the carmaker pushes into the U.S. market and grows its electric-vehicle business globally, even as some of its rivals scale back their EV efforts because of sluggish demand.

Some market analysts caution that the carmaker's ongoing EV efforts in the U.S., backed by the Biden administration's clean energy policy, could be challenged by the incoming Trump administration, which campaigned against U.S. tax credits and subsidies for the EV industry.

Hyundai is investing $12.6 billion in Georgia to produce more EVs and HEVs in the U.S. while also continuing to invest in new battery and hydrogen technology.

North America was a rare bright spot in Hyundai's third-quarter results. Wholesale car sales there rose 9.3% compared with the same period a year earlier. In contrast, global sales fell 3.2% amid sluggish vehicle demand in most major markets.

Hyundai Motor said Munoz is "the ideal fit to further enhance the company's performance thanks to his merit-based management philosophy and his commitment to recruiting top global talent." Munoz first joined Hyundai Motor's North America operations as its global chief operating officer in 2019. He was previously a chief performance officer at Japanese carmaker Nissan Motor.

"Through strengthening dealer competitiveness and driving profitability-focused management, he has continuously set record performance milestones for Hyundai Motor in North America," the company said.

Hyundai Motor, together with its sibling carmaker Kia, now holds around 10% of the U.S. EV market, second only to Tesla, according to Hyundai Motor America.

The auto group aims to offer 21 different EV models and to sell two million EVs per year globally by 2030. It also plans to double the number of hybrid electric vehicle models available to 14.

"At Hyundai, we are proud to be leading the electric vehicle transition in the U.S. through our investments in EV manufacturing and our award-winning EV lineup," Munoz said earlier this week, after being recognized by Time magazine as one of the 100 most innovative leaders driving business climate action.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

November 15, 2024 00:50 ET (05:50 GMT)

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