Hyundai Motor Co. has named Jose Munoz as CEO, making him the first foreigner to manage the South Korean automaker as it strives to expand beyond its native nation.

Munoz joined Hyundai in 2019 as global chief operating officer, overseeing the automaker's North and South American operations. He previously worked for Nissan Motor Co. for 15 years, including as chairman of its China unit.

The Spanish-born Munoz succeeded Jaehoon Chang, who has been promoted to vice-chairman of Hyundai's automotive sector, according to a corporate statement released on Friday. The amendments will become effective on January 1, 2025.

Munoz will be responsible for leading Hyundai through a seismic upheaval in the global auto sector, which is experiencing a halt in the transition to electric vehicles.

Asian battery producer 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, and Jun Young Choi was promoted to president of sister business Kia Corp. Hyundai Chairman Euisun Chung will continue his role.