Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Hyundai Motor Group prioritizes stability, avoiding year-end reshuffle
From left are Hyundai Motor CEO Jose Munoz, Hyundai Motor President Sung Kim and Song Chang-hyun, president and head of Hyundai Motor Group’s global software center. Courtesy of Hyundai Motor
By Lee Min-hyung
Top executives set to drive 'golden cycle' of new car launches in 2026
Hyundai Motor Group is prioritizing continuity and stability over change, avoiding a year-end reshuffle of top management as it pursues steady business growth.
The Korean carmaker has borne the brunt of a 25 percent auto tariff in the U.S. for almost half a year. Even after Korea and the U.S. agreed to reduce the figure to 15 percent, the carmaker is still on high alert, due to unpredictable trade policies from the Donald Trump administration.
Late last year, Hyundai Motor appointed two top executives — CEO Jose Munoz and President Sung Kim. The decision was aimed at preemptively addressing mounting U.S. tariff risks, and was the first time that Hyundai Motor appointed a foreign CEO.
As the carmaker consistently realigns its business strategy in response to ongoing changes in its largest export market, there is a broad expectation that Munoz's term will be extended, recognizing his skill in driving sales growth even in the face of the tariff shocks. His current term ends in March 2026.
Hyundai Motor reported accumulated sales of 139.4 trillion won ($95.6 billion) in the first three quarters combined, up 8.4 percent from the previous year.
Munoz is recognized for driving the firm’s remarkable sales growth over the past few years, as well as carefully positioning the company in light of changes to the U.S. tariff environment.
Kim is also expected to continue in his role as president next year, a critical time as Hyundai Motor needs to respond swiftly to any trade policy changes in the U.S., particularly as they enter what the company calls a “golden cycle” of new vehicle launches in 2026.
Kim was the first Korean American ambassador to Korea, serving in the position from 2011 to 2014. The veteran diplomat-turned-businessman has a broad political and business network in the U.S.
“Both foreign executives are considered to have played a pivotal role in tackling the carmaker’s uncertain external business environment this year, while at the same time propelling its global sales growth,” an auto industry official said.
Song Chang-hyun, president and head of Hyundai Motor Group’s global software center, will also remain in office for continuity as they focus on becoming a software-driven vehicle maker.
Headquarters of Hyundai Motor and Kia in Seoul / Courtesy of Hyundai Motor Group
Global ratings agencies are also praising Hyundai Motor’s stable management and solid growth in the global market.
Fitch Ratings maintained the carmaker’s long-term foreign-currency issuer default rating at A- with a stable outlook, citing the firm’s solid brand competitiveness and stable financial structure.
The carmaker also received A ratings from Moody’s and S&P — two other global top ratings agencies — in recognition of the firm’s broad sales coverage in the global market and diverse product portfolio, encompassing hybrid and electric vehicles.
“Hyundai Motor Group is one of the few carmakers that is capable of producing almost all of the powertrains, from cars with internal combustion engines to eco-friendly vehicles with electric motors and even hydrogen cars,” another official from the auto industry said.