Munoz's sales success loses luster as Hyundai profits slide

The leadership of Hyundai Motor CEO Jose Munoz is facing a critical test, as the automaker struggles to turn its outward sales growth into sustainable profitability. Munoz joined the carmaker in 2019 as president and global chief operating officer in charge of Hyundai Motor and Genesis in North America. His performance in the region, where he oversaw consecutive sales records and improved profitability and market share, helped pave the way for his promotion to serve as the carmaker’s global CEO in January 2025 — the first non-Korean to lead the Korean automaker. His appointment reflected Hyundai Motor Group Executive Chair Chung Euisun's push to bring in global talent and move Hyundai toward a more internationally oriented management structure, but the honeymoon period appears to be over. Under his leadership, Hyundai Motor’s second-quarter sales reached a record 49.22 trillion won ($35.64 billion), up 1.9 percent from a year earlier. Yet the headline growth masks a more troubling trend. Operating profit fell 20.8 percent to 2.85 trillion won, leaving the operating profit-to-sales r