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Jose Munoz joined Hyundai in 2019 as Global Chief Operating Officer with North and South American operational responsibility.
Hyundai Motor on Friday appointed Jose Munoz, the current Chief Executive Officer and Global Chief Operating Officer of America, as its CEO. With this, Munoz has become the first foreigner to lead a South Korean automaker.
Munoz, 59, joined Hyundai in 2019 as global chief operating officer with North and South American operational responsibility. Prior to this, he worked at Nissan Motor Company for 15 years, which also included his tenure as Chairman of the China Unit.
The company issued a statement on Friday saying, Spain-born Munoz will replace Jehoon Chang. Jehoon Chang has been promoted to Vice Chairman of the Automotive Division by the company. This change will be effective from January 1, 2025.
Company facing recession in switching to electric cars
Munoz will be tasked with leading Hyundai through a major transformation of the global auto industry, which is struggling with the slowdown in the switch to electric cars. With this, Sung Kim has been named chairman of Hyundai Motor.
Hyundai India’s second quarter profit declined by 16%
Hyundai Motor India Limited has made a consolidated net profit of Rs 1,375 crore in the second quarter of the financial year 2024-25. It has decreased by 16.5% on annual basis.
The company had made a profit of Rs 1,628 crore in the same quarter a year ago. After listing on BSE-NSE, Hyundai India released its quarterly results for the first time on November 12.
Operational revenue in the July-September quarter stood at Rs 17,260 crore. It was Rs 18,639 crore in the same quarter a year ago. It has decreased by 7.39% on annual basis. The amount received from selling goods and services is called revenue.
Hyundai India’s total income decreased by 8.34%
In the July-September quarter, Hyundai India’s total income declined by 8.34% year-on-year to Rs 17,452 crore. The total income of the company in the second quarter of the financial year 2023-24 was Rs 19,042 lakh crore.
Consolidated profit means performance of the entire group
The results of companies come in two parts – standalone and consolidated. Standalone shows the financial performance of only one unit. Whereas, in the consolidated financial report, the entire company is reported.
