Hyundai $HYUD (-1,5 %) arms itself against Trump tariffs and replaces leadership with US citizens

The South Korean car manufacturer Hyundai Motor is preparing for import tariffs that could be introduced under a second Donald Trump presidency. According to "Handelsblatt", the company has therefore now appointed two US citizens to key positions: From January 1, 2025, the current COO José Muñoz will take on the role of CEO, while former US diplomat Sung Kim will be appointed President of the Group.

Hyundai is thus facing up to the upcoming economic and security policy challenges, according to the company in the Handelsblatt.

USA as an important market for Hyundai

The USA is an important market for Hyundai. In the first eight months of this year, the Group exported almost one million vehicles worth 24 billion US dollars to North America. The previous CEO Chang Jaehoon praised Muñoz: "He is the ideal person to lead Hyundai in times of increasing competition and business uncertainty," reports Handelsblatt. South Korea already had to contend with import tariffs during Trump's first term in office.

With Sung Kim as president and chief lobbyist, Hyundai wants to strengthen its relationships in both the USA and South Korea. Kim has already been working as an advisor for Hyundai since January 2024 and brings a wealth of experience from his diplomatic career.