Jose Munoz joined Hyundai in 2019 as global operating director with operational responsibility in North and South America.
Hyundai Motor on Friday named Jose Munoz, the current U.S. CEO and global chief operating officer, as CEO. Munoz thus becomes the first foreigner to head a South Korean automobile manufacturer.
Munoz, 59, joined Hyundai in 2019 as global director of operations with operational responsibility in North and South America. Prior to that, he worked for Nissan Motor Company for 15 years, which also included his tenure as president of the China unit.
The company released a statement Friday saying the Spanish-born Munoz would replace Jehoon Chang. Jehoon Chang has been promoted to vice president of the automotive division by the company. This change will come into effect on January 1, 2025.
Company faces recession by switching to electric cars
Munoz will be responsible for leading Hyundai through a major transformation of the global auto industry, which is struggling with the slowing transition to electric cars. Sung Kim was thus appointed president of Hyundai Motor.
Hyundai India’s second-quarter profit fell 16%
Hyundai Motor India Limited reported a consolidated net profit of Rs 1,375 crore in the second quarter of the financial year 2024-25. It decreased by 16.5% on an annual basis.
The company had made a profit of Rs 1,628 crore in the same quarter a year ago. After being listed on the BSE-NSE, Hyundai India released its quarterly results for the first time on November 12.
Operating revenue for the July-September quarter stood at Rs 17,260 crore. It was Rs 18,639 crore in the same quarter a year ago. It decreased by 7.39% on an annual basis. The amount received from the sale of goods and services is called income.
Hyundai India’s total revenue decreased by 8.34%
During the July-September quarter, Hyundai India’s total revenue declined 8.34 per cent year-on-year to Rs 17,452 crore. The company’s total revenue in the second quarter of the financial year 2023-24 was Rs 19,042 lakh crore.
Consolidated profit means the performance of the entire group
Company results come in two parts – standalone and consolidated. Standalone displays the financial performance of a single unit. Whereas, in the consolidated financial report, the entire company is presented.