Blockbuster Ad Deal: Omnicom's takeover of IPG to reset global order

Dynamic Deepinder vs Reclusive Majety: The fine line between influence and overexposure

Omnicom-IPG Deal: Will it reshape the ad order in India?

HUL records 19 brands above Rs 1000 cr; Surf Excel to cross Rs 10,000 crore in turnover by FY25

Prabha Narasimhan to spotlight purposeful innovation at Storyboard18's Global Pioneers Summit

Nobody’s Perfect Retro Porsche Ad

In Conversation With Raja Rajamannar, Mastercard

Shahid Kapoor And Varun Ganjoo Speaks On PokerBaazi's Campaign

In conversation with IHCL’s Puneet Chhatwal & GroupM’s Kate Scott-Dawkins

Why are brands including e-sports in their sports marketing itinerary?

Storyboard18 x The English Nut: How to pronounce these 10 brand names

Experts' Take On Reinvention Of Ad Campaigns Through Technology

Experts Speak On Key Emerging Trends In Cannes Lions Entries

Leaders of the future have to be outstanding human beings: Nestle MD

In conversation with VMLY&R’s Hari Ramanathan

Hyundai Motors is set to make a significant move in the electric vehicle (EV) market with the launch of the Creta Electric SUV, marking its first major car release in the country since its stock market debut. After more than four years of research and development, the South Korean automaker is set to unveil a model that has been eagerly anticipated. Although official pricing has yet to be confirmed, CNBC-TV18 reported that sources suggest the Creta Electric will be priced below Rs 30 lakh, making it a competitive option in the rapidly expanding EV segment.

Industry expectations are high, with Hyundai aiming to sell at least 2,000 units per month in the initial phase. The company has signaled its intent to scale production based on market demand and response, positioning the Creta EV as a key player in the Indian market’s shift toward electric mobility.

In a conversation with CNBC-TV18 ahead of the launch, Hyundai India’s Chief Operating Officer, Tarun Garg, expressed optimism about the vehicle’s potential to address consumer concerns surrounding range anxiety and the evolving EV ecosystem. “Having sold over 1.1 million Creta SUVs in India, we believe the Creta EV will emerge as the symbol of electric SUVs. We want to be as strong in EVs as we are in ICE vehicles. So, if we have a 13-14% market share in SUVs, we would hope to achieve an even higher market share in EVs by 2030," Garg said.

Hyundai’s strategy goes beyond the vehicle itself, focusing on a comprehensive charging infrastructure to support its customers. Garg highlighted that Hyundai’s in-car payment application would be compatible with over 1,100 charging points, and the My Hyundai app would allow users to access more than 10,000 charging stations nationwide. Additionally, Hyundai plans to deploy 80 fast-charging stations across 30 locations along highways to cater to long-distance travel needs, along with providing an 11kW home charger for customers.

Looking ahead, Garg expects 2026 to be a pivotal year for EV adoption in India, forecasting significant growth as mainstream Original Equipment Manufacturers (OEMs) ramp up EV production. They anticipate that EV volumes will double by the end of 2025, and by 2026, the electric vehicle market will experience substantial growth.

To date, Hyundai has sold over 4,000 electric vehicles in India, including the Kona Electric and the Ioniq. However, the Creta Electric will be the company’s first mass-market electric model in India. Garg confirmed that Hyundai plans to launch three additional electric vehicles by 2030, with a strategy that includes both derivatives of existing models and entirely new electric offerings across various price points.

The Indian government’s supportive policies and incentives for electric mobility have bolstered Hyundai’s commitment to the segment. Garg also noted that Hyundai’s established hybrid technology could quickly be leveraged in response to customer demand. "We already have hybrid technology at Hyundai, and we can bring it to market very quickly if there is customer demand," he added.

In line with its long-term strategy, Hyundai plans to export the Creta Electric SUV to international markets once domestic demand is satisfied. The vehicle has been developed at the company’s Hyderabad facility, with a strong emphasis on localization. Additionally, the company has forged a collaboration with Exide for battery production. While lithium-ion battery cells are currently imported from LG’s Indonesian plant, Hyundai aims to localize battery cell production in the future, further strengthening its commitment to India’s EV ecosystem.

We want to be as strong in EVs as we are in ICE: Hyundai's Tarun Garg

Keep up with all the key people movements in the brand marketing ecosystem in Storyboard18’s CXO Moves. Here’s a round-up of the executives who've moved jobs, got bigger roles, switched industries and more.


Kristi Argyilan


Previous: SVP - Retail Media, Albertsons Companies


Present: Global head - advertising, Uber


Uber has named Kristi Argyilan as global head - advertising. She has worked across Clorox Company, Goodby, Silverstein & Partners, Hill, Holliday, Arnold Worldwide, Universal McCann UM Media Agency, IPG Mediabrands, Target, Roundel, Bed, Bath & Beyond and MMA Global. 


Amy Armstrong


Previous: Director, Global Customer Development - Amazon Ads, Amazon


Present: Chief revenue officer, Publicis Groupe


Publicis Groupe has appointed Amy Armstrong as chief revenue officer. She has worked across FCB Global, ID Media, BPN Worldwide and Initiative.


Vishu Goel and Shyam Swamy

Vishu Goel, who led Asian Paints as associate vice president - retail sales, commercial and marketing, has stepped down from his position in view of certain personal circumstances.

In a regulatory filing, it was stated, "His resignation was accepted on 17th December 2024 and he has ceased to be an employee of the Company and a member of the Senior Management with effect from the close of business hours on 17th December 2024."

In another filing, Shyam Swamy - vice president, home improvement, décor, services & retailing, and a member of the senior management, too resigned from the services of the company. The filing read, "His resignation was accepted on 17th December 2024 and he has ceased to be an employee of the company and a member of the Senior Management with effect from the close of business hours on 17th December 2024."


Malcolm Poynton


Previous: Global chief creative officer, Cheil Worldwide


Malcolm Poynton, who led Cheil Worldwide as global chief creative officer, has moved on from the company. He has worked across HKM/Rialto, OMON, Green Girl Publishing, The Campaign Palace, M&C Saatchi London, Saatchi & Saatchi, Ogilvy UK and SapientNitro.


Unsoo Kim


Present: Managing director, Hyundai Motor India


On December 19, Hyundai Motor India reappointed Unsoo Kim as the managing director for a period of three years, with effect from January 25.

Kim, who joined Hyundai Motor Company, South Korea, in 1991, has been associated with Hyundai Motor India since 2002. He led Hyundai India through listing earlier this year following the biggest initial public offering in the country’s history.


Shashank Shekhar Sharma


Previous: Senior vice president, Zepto


Present: CXO - Zepto Cafe, Zepto


Zepto elevated Shashank Shekhar Sharma to a new role. He has worked across The Oberoi Group and Chai Point.


Hemal Jain


Previous: Global Head of Finance & CFO Hyperpure, Zomato


Hemal Jain has moved on from Zomato. She has worked across Hindustan Unilever, and Professional Distribution House.


Karan Kumar


Present: Chief marketing officer, Hero Realty


Hero Realty has appointed Karan Kumar in a new role. He has worked across ITC Limited, Fab India, DLF Limited and ART Fertility Clinics.


Saurabh Bhambri


Previous: Associate Vice president, Paytm Ads


Present: Senior Vice president and Business Head - Media & Advertising, PVR/INOX Pictures


PVR/INOX Pictures has named Saurabh Bhambri in a new role. He has worked across NIIT Technologies, and Times Internet.
 

Compiled by Kashmeera Sambamurthy

CXO Moves: Exec movements across Uber, Publicis Groupe, Hyundai Motor India, Zepto and more

On December 19, Hyundai Motor India reappointed Unsoo Kim as the managing director for a period of three years, with effect from January 25.

The board of directors of the Creta-maker approved the reappointment of Kim as managing director of the company for a period of three years with effect from Jan. 25, 2025, according to an exchange filing on Thursday.

Kim, who joined Hyundai Motor Company, South Korea, in 1991, has been associated with Hyundai Motor India since 2002. He led Hyundai India through listing earlier this year following the biggest initial public offering in the country’s history.

Prior to taking up the leadership position at Hyundai Motor India, Kim led Hyundai Motor Company as executive vice president - global operations.

Hyundai Motor India Limited (HMIL) total sales declined 7 per cent year-on-year to 61,252 units in November. HMIL reported total sales of 61,252 units in November 2024, comprising 48,246 domestic sales and 13,006 exports.

In October 2024, HMIL had reported monthly sales (domestic + exports) at 70,078 units, marking a 1.96% YoY growth from 68,728 units sold in Oct 2023.

In November 2024, SUVs continued to dominate domestic sales, contributing 68.8% to the tally. Notably, HMIL recorded its highest-ever rural contribution of 22.1%, reflecting strong penetration into India’s hinterlands.

The Hy-CNG Duo technology also boosted CNG vehicle sales, which accounted for 14.4% of the total.

Read More: <a href="https://www.storyboard18.com/brand-marketing/the-hyundai-journey-how-south-koreas-chaebol-became-indias-automotive-icon-45109.htm">The Hyundai Journey: How South Korea's Chaebol became India's Automotive Icon</a>

Hyundai Motor India reappoints Unsoo Kim as MD for three years

In light of rising input costs and operational expenses, Maruti Suzuki has planned to increase the prices of its cars from January 2025. The price increase is expected to be up to 4% and will vary depending on the model.

Maruti Suzuki posted a decline in its net profit in the second quarter (Q2) of fiscal year 2025. According to the quarterly earnings, Maruti Suzuki reported a decline of 17.4 percent in its profit in Q2 FY25. The auto major posted a standalone profit of Rs 3,069 crore compared to Rs 3,716 crore in the corresponding quarter last fiscal year.

The company's consolidated revenue from operations remained flat at Rs 37,449 crore in Q2 year-on-year.

Every year in January, automakers hike prices.

Hyundai Motor India Limited announced that it will increase prices across its model range effective from January 1, 2025, due to a rise in input costs, adverse exchange rates, and an increase in logistics costs.

According to the company, the price hike will be done across all MY25 models, such as Tucson and i30 Sedan, up to Rs 25,000 from next year.

Hyundai's total sales declined 7 per cent year-on-year to 61,252 units in November. HMIL reported total sales of 61,252 units in November 2024, comprising 48,246 domestic sales and 13,006 exports.

Last month, Mercedes-Benz India (MBI) announced a price hike of up to 3 percent for its entire model range, effective from January 2025.

Mercedes-Benz India CEO Santosh Iyer has strongly pitched to boost India's auto exports. During the CNBCTV18 Global Leadership Summit, Iyer appreciated the "Make in India" initiative but added, "We want to ensure that cars from India can go out". He suggested a policy that focuses not just on "Make for India" but "Make for the world" as well.

"For India, it is important to strike more deals to get the borders open and compete globally," Iyer had said.

Read More:<a href="https://www.storyboard18.com/brand-marketing/hyundai-to-hike-car-prices-by-up-to-rs-25000-from-jan-1-49506.htm" rel="noopener" target="_blank">Hyundai to hike car prices from Jan 1</a>

After Hyundai announced price hike, now Maruti says it will increase car prices by 4%

Hyundai Motor India Limited on Thursday announced that it will increase prices across its model range effective from January 1, 2025, due to a rise in input costs, adverse exchange rate, and increase in logistics costs.

According to the company, the price hike will be done across all MY25 models, such as Tuscon and i30 Sedan, up to Rs 25,000 from next year.

Last month, Mercedes-Benz India (MBI) announced a price hike of up to 3 percent for its entire model range, effective from January 2025.

Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL informed the stock exchanges, “At Hyundai Motor India Limited, our endeavor is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers. However, with the sustained increase in input cost, it has now become imperative to pass on a part of this cost escalation through a minor price adjustment. This price increase will be done across models and the extent of the increase will be up to Rs 25,000. The price increase will be effective from January 1, 2025, on all MY25 models".

<a href="https://www.storyboard18.com/brand-marketing/hyundai-sales-dip-7-in-november-2024-49051.htm">Hyundai sales dip 7% in November 2024</a>

Notably, the Indian arm of the South Korean automaker witnessed a dip in its sales by 7 percent to 61,252 units in November, comprising 48,246 domestic sales and 13,006 exports. The automaker's standalone profit witnessed a 16.5 percent decline of Rs 1,337 crore in the second quarter of FY 25 compared to Rs 1,602 crore year-on-year basis.

The revenue from operation reduced from 18,409 crore to Rs 16,876 crore in Q2 FY 25.

<a href="https://www.storyboard18.com/brand-marketing/hyundai-indias-profit-declines-16-5-to-rs-1337-crore-sells-3-84-lakh-units-in-q2-47184.htm">Hyundai India's profit declines 16.5% to Rs 1,337 crore, sells 3.84 lakh units in Q2</a>

The total income of the maker of Creta and Venue cars declined by 9.10 percent to Rs 17,078 crore in Q2 fiscal year 2025 from Rs 18,788 crore in the corresponding quarter in FY 24.

In the mid to long term, Hyundai has anticipated a sustained demand momentum in the auto industry. The company said it will continue to focus on the quality of growth by maintaining an optimum balance between volume, market share, and margins.

Hyundai Motor India's share price was up 0.19 percent to Rs 1,875.05 at 12 pm on Thursday.

Hyundai to hike car prices from Jan 1

Hyundai Motor India Limited (HMIL) total sales declined 7 per cent year-on-year to 61,252 units in November. HMIL reported total sales of 61,252 units in November 2024, comprising 48,246 domestic sales and 13,006 exports. 

In October 2024, HMIL had reported monthly sales (domestic + exports) at 70,078 units, marking a 1.96% YoY growth from 68,728 units sold in Oct 2023.

In November 2024, SUVs continued to dominate domestic sales, contributing 68.8% to the tally. Notably, HMIL recorded its highest-ever rural contribution of 22.1%, reflecting strong penetration into India’s hinterlands.

The Hy-CNG Duo technology also boosted CNG vehicle sales, which accounted for 14.4% of the total.

Commenting on HMIL sales, Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL said, “HMIL’s push towards fortifying SUV supremacy continued in November with SUVs contributing 68.8% of our total Domestic sales. We also bolstered HMIL’s presence in the hinterland of India, by achieving highest ever monthly rural contribution of 22.1% in November. Our innovative Hy-CNG technology continues to strengthen HMIL’s CNG sales, with a 14.4% contribution in November 2024.”



Hyundai sales dip 7% in November 2024

Hyundai Motor India Ltd (HMIL) has recently received a show-cause notice from the Maharashtra State Tax Authority. The notice, dated November 25, 2024, concerns alleged discrepancies in the company’s input tax credit (ITC) claims for the financial year 2020-21.

The tax authority has alleged that Hyundai claimed “excess ITC in GSTR 3B/9, which is not confirmed in GSTR 2B/8A of GSTR 9, along with RCM tax paid by the company.” The total demand outlined includes ₹2.741 crore towards tax and an additional ₹2.279 crore as interest.

In response to the notice, Hyundai Motor India clarified in a regulatory filing with the National Stock Exchange (NSE) and BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that it would respond within the prescribed timelines.

The company emphasised that the issue relates to routine compliance and assured stakeholders that the matter would be addressed through the appropriate adjudicating authority.

Furthermore, Hyundai confirmed that the notice would not impact its financial, operational, or other activities. The company highlighted its commitment to fulfilling regulatory requirements and maintaining compliance with tax authorities.

In a separate update on its financial performance, Hyundai reported a decline in its July-September 2024 quarter earnings. Net profit dropped by 16% to ₹1,375 crore, while revenue fell by 8% to ₹17,260 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased by 10% to ₹2,205 crore, and the EBITDA margin narrowed slightly to 12.8% from 13.1% during the same period.

In addition to addressing compliance concerns, Hyundai is advancing its efforts in sustainable energy solutions. The company is collaborating with IIT Madras and the Tamil Nadu government on a project aimed at reducing the cost of green hydrogen production. It has committed ₹100 crore towards this initiative, which includes establishing an innovation hub in Tamil Nadu.

Moreover, Hyundai is expanding its presence in the electric vehicle (EV) market. The company plans to launch the Creta EV in Q4FY25 (January-March 2025).

Hyundai India faces Rs 5 crore tax demand over alleged tax discrepancies

Keep up with all the key people movements in the brand marketing ecosystem in Storyboard18’s CXO Moves. Here’s a round-up of the executives who've moved jobs, got bigger roles, switched industries and more.


Jose Munoz


Present: chief executive officer, Hyundai Motor


Hyundai Motor names Jose Munoz as its first foreign CEO. Munoz has worked across Citroen, Daewoo Motor Company, Toyota Motor, and Nissan Motor Corporation.


Read More: <a href="https://www.storyboard18.com/brand-makers/cxo-moves-exec-movements-across-xiaomi-india-castrol-publicis-media-spni-and-more-46906.htm">CXO Moves: Exec movements across Xiaomi India, Castrol, Publicis Media, SPNI and more</a> 


Srirang TK


Previous: Joint managing director, ICICI Securities


Present: MD and CEO, ICICI Securities


ICICI Securities elevates Srirang TK as MD and CEO. He has worked across ICI India, CII, ICICI Bank etc.


Arjun A. Sethi


Previous: Partner - Vice Chair Digital Transformation and Lead Partner Financial Institutions - Americas, Kearney


Present: Chief growth officer, HCLTech


HCLTech appoints Arjun A. Sethi as chief growth officer. He has worked across Tata Motors and NIIT.


Michael Moebius


Previous: Director of Quality Management, Mitsubishi Fuso Truck and Bus Corporation


Present: President & Chief Procurement and Supply Chain Officer, Daimler India Commercial Vehicles


Daimler India Commercial Vehicles appoints Michael Moebius in a new role. He has also worked at Mercedes-Benz Vietnam etc.


Compiled by Kashmeera Sambamurthy

CXO Moves: Exec movements across Hyundai Motor, HCLTech, Daimler India and more

Hyundai Motor Group has announced key executive appointments for the year 2024 as part of its aims to solidify sustainable growth and better prepare for uncertainties in the global business environment. As per the company, this appointment reflects its commitment to a performance-based approach that aligns with outstanding achievements. 

By consolidating the Group’s core competencies and strategically placing proven leaders with verified track records in key positions, the Group aims to strengthen organizational foundations and accelerate our future transformation.
 
Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division, effective January 1, 2025, to further strengthen the future competitiveness of the Group’s mobility business. Since his appointment as CEO of Hyundai Motor in 2020, Chang has achieved record-breaking performance, despite uncertain business environments, such as escalating geopolitical risks, changing paradigms in product and technology, as well as the global pandemic. 

Chang is recognized for laying the groundwork for Hyundai Motor's long-term competitiveness through achievements that include spearheading the hydrogen initiative and the successful IPO of Hyundai Motor India Limited in India. Looking ahead, Chang will oversee the entire value chain, including product planning, supply chain management manufacturing, and quality assessment. He will optimize business operations across the automotive business while securing internal synergies and building foundational systems for cost and quality innovation to ensure sustainable future competitiveness.
 
José Muñoz is appointed President and CEO of Hyundai Motor Company to advance global management framework and solidify customer-focused mobility innovation through diverse powertrain offerings, including electric, hybrid, ICE and hydrogen technologies, effective January 1, 2025.
 
Muñoz is appointed as the first non-Korean CEO of Hyundai Motor – identified as 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. Going forward, he is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand.
 
Muñoz joined Hyundai Motor Company in 2019 as President and Global Chief Operating Officer and President and CEO of Hyundai and Genesis Motor North America. Muñoz was announced as an internal director of Hyundai Motor in 2022, solidifying his reputation as a proven leader in the global automotive industry by contributing to the company’s record-breaking performance. Prior to joining Hyundai Motor, he led remarkable growth as Nissan's Chief Performance Officer and Head of North America and China operations.
 
Sung Kim is appointed as President of Hyundai Motor Company to manage the business effectively through global economic uncertainties, effective January 1, 2025. Kim will oversee global external affairs, analyze and research domestic and international policy trends, and lead communications and PR initiatives. He will focus on increasing synergies across the company’s intelligence functions, strengthening external networking and advancing global protocol capabilities.
 
As a foremost expert on East Asian and Korean Peninsula affairs in the United States, Kim has held key roles across successive U.S. administrations, including the Bush, Obama, Trump, and Biden governments. Following his retirement from the U.S. Department of State, Kim joined Hyundai Motor Group as an advisor in January 2024, supporting Hyundai Motor’s global trade and policy strategies and external networking.

Jun Young Choi is promoted to President of Kia Corporation from Head of Domestic Production Division and Chief Safety Officer (CSO). Choi has been instrumental in securing Kia’s highest-ever performance as Head of Domestic Production. Through significant improvements in labor management practices, he has strengthened productivity and quality competitiveness. Additionally, Choi has taken a forward-looking approach to bolstering Kia’s manufacturing capabilities, leading the transition of AutoLand Gwangmyeong in Korea towards a future-focused EV production facility.
 
As CEO of the Kia Tigers baseball team, Choi also guided the team to victory in the 2024 KBO League and the Korean Series, overcoming early-season challenges to secure a unified championship.
 
Kyoo Bok Lee, CEO of Hyundai Glovis, is promoted to President. Lee has driven significant improvements in financial stability through global challenges and periods of increased market volatility. He has actively enhanced corporate value through initiatives that include Hyundai Glovis’s first-ever Investor Day, fostering robust communication with the market and customers.
 
Additionally, Lee has made substantial contributions to strengthening Hyundai Glovis’s competitiveness by expanding investments in key facilities and locations, laying the groundwork for the company’s transformation into a future-focused end-to-end integrated logistics provider.
 
To strengthen sustainable management and accelerate business transformation, the Group has appointed Cheol Seung Baek as CEO of Hyundai Transys and Joon Dong Oh as CEO of Hyundai KEFICO. Baek has previously held key roles, including Head of Hyundai Motor’s Czech operations, and various positions within the Purchasing Division. Since joining Hyundai Transys in 2023, he has been responsible for business operations.
 
Moving forward, Baek will focus on ensuring continuity in Hyundai Transys’s core business areas – powertrain, electrification, and seating – while addressing critical issues such as stabilizing labor relations and fortifying management systems.
 
Current Head of the Electrification Manufacturing Engineering Center, Oh has been promoted to Executive Vice President and nominated as CEO of Hyundai KEFICO. Known for his expertise in manufacturing technology, Oh has contributed significantly to strengthening electrification capabilities. His focus will be on advancing Hyundai KEFICO’s operational structure to optimize its parts business for internal combustion engines while leading a transition to electrification-centered new business ventures.
 
To address challenges in the construction industry and accelerate fundamental improvements, the Group has appointed Hanwoo Lee as CEO of Hyundai Engineering & Construction Co., Ltd. (Hyundai E&C) and Woo Jeong Joo as CEO of Hyundai Engineering Co., Ltd. Hanwoo Lee is promoted to Executive Vice President and appointed as CEO from his role as Head of the Housing Business Division at Hyundai E&C. Since joining Hyundai E&C in 1994, Lee has accumulated extensive experience, including roles as Head of Strategic Planning and the Housing Business Division.
 
He is expected to drive the diversification of Hyundai E&C’s global portfolio across civil engineering and plant divisions and lead strategic investments focused on the energy sector, positioning Hyundai E&C as a leader in industry transformation. This generational shift embodies Hyundai E&C’s ‘challenger spirit’ and reflects its commitment to securing future growth drivers.
 
Woo Jeong Joo, currently Head of Finance & Accounting Division at Kia, is promoted to President and appointed as CEO of Hyundai Engineering. A renowned finance expert within the company, Joo played a key role in Kia’s record-breaking financial performance. At Hyundai Engineering he will focus on delivering an upward trend in business performance and enhancing organizational competitiveness to strengthen Hyundai Engineering’s position within the industry.
 
Sudong Yeo, President of Hyundai Transys; Young Jong Yoo, Executive Vice President of Hyundai KEFICO; Young Joon Yoon, President of Hyundai E&C; and Hyeon Sung Hong, President of Hyundai Engineering, will transition into advisory roles.
 
Hyundai Motor Group has made these executive appointments as part of a strategic effort to enhance its global competitiveness, focusing on talent and performance. Following this round of appointments the Group will continue to promote a performance-based leadership renewal through its annual executive appointments in December. This will involve proactive development and promotion of talent to further reinforce the Group’s long-term competitiveness.

Hyundai Motor Group announces 2024 key executive appointments; Jaehoon Chang promoted to Vice Chair

Hyundai Motor Co has appointed Jose Munoz as its new CEO, marking a significant milestone as he becomes the first foreigner to lead the South Korean auto giant, as per reports.

Munoz, 59, brings extensive industry experience, having joined Hyundai in 2019 as global chief operating officer with oversight of North and South American markets. Prior to Hyundai, he spent 15 years at Nissan Motor Co., including a role as chairman of its China operations.

Effective January 1, 2025, Munoz will succeed Jaehoon Chang, who moves into a new role as vice-chairman of Hyundai's automotive division. 

Munoz’s appointment comes at a pivotal moment, with the global auto industry facing headwinds in the shift toward electric vehicles. His leadership will be crucial as Hyundai navigates these challenges, including a recent policy shift in the U.S. that may impact consumer tax credits for electric vehicle purchases. Hyundai’s Ioniq 5 EV, a popular model, is one of the vehicles eligible for the tax credit.

Additionally, Sung Kim has been appointed as president of Hyundai Motor, and Jun Young choi steps up as president of Kia Corp., Hyundai's sister company.

HYUNDAI