South Korean Automaker Hyundai Motor Co appointed Jose Munoz (59) as Chief Executive Officer, making him the first foreigner to manage the company as it strives to expand beyond its home market.Munoz joined the company as Global Chief Operating Officer in 2019. He was responsible for the automaker's North and South American operations. Earlier, he worked at Nissan Motor Co, for 15 years. As Munoz succeeds Jaehoon Chang, the latter is being promoted to the position of the carmaker's Vice-Chairman, according to a statement released by the company on Friday. The changes will come into effect from next year (January 1, 2025).Munoz will be tasked with steering Hyundai through a seismic upheaval in the global auto sector, which is experiencing a halt in the transition to electric cars. Asian maker stocks tumbled Friday following a report that President-elect Donald Trump intends to repeal a key consumer tax credit aimed at increasing electric vehicle adoption. Hyundai's famous Ioniq 5 EV is on the list of vehicles eligible for the credit. Additionally, Sung Kim was appointed President of Hyundai Motor, while Jun Young Choi was promoted to President of sister company Kia Corp. Hyundai Chairman Euisun Chung will continue in his role.