South Korean auto major Hyundai Motor Co is doubling down on India with investments of Rs 45,000 crore by FY30 and elevating an Indian, Tarun Garg, for the first time to lead its operations in the country to drive its future growth.
Under its 2030 roadmap for India, Hyundai Motor Co President & CEO Jose Munoz on Wednesday said the company's sales finance arm, Hyundai Capital, will enter the country by Q2 2026 in a phased manner to help further drive sales, while its luxury brand Genesis will also foray into the market through local assembly by 2027.
The company's arm Hyundai Motor India Ltd (HMIL) plans 26 product launches by FY2030, including seven new nameplates, marking its entry into the MPV and off-road SUV segments and hybrid vehicles.
It will also roll out a locally designed, developed and manufactured dedicated electric SUV for the Indian market by 2027.
Addressing HMIL's first-ever investor day here, Munoz said Hyundai Motor India Ltd (HMIL) has set a target of up to 30 per cent export contribution and asserted that India could be one of the most globally competitive EV manufacturing hubs.
HMIL also aims to increase its revenues by 1.5 times and cross the Rs 1 lakh crore milestone by FY2030 under its 2030 growth roadmap.
"Following our landmark IPO last year and 30 years of success in India, now HMIL plans an investment of Rs 45,000 crore through FY30 to drive the next phase of growth," Munoz said, while 60 per cent of the investment will be on product and R&D, and the remaining 40 per cent on capacity and upgradation.
Stating that globally Hyundai Motor Group has risen to number three in 2022 from number seven in 2008 in terms of sales, he said the company has invested when others retreat and "while others cut, we build, while others exit markets, we double down" without naming General Motors and Ford, which exited India in the past.
"This is about more than business. It is about progress for humanity and progress for India. A Hyundai for every Indian, that's been our vision, and it reflects the spirit of collaboration, shared growth and pioneering future technologies, right here in India. Our investments reflect that commitment," Munoz asserted.
HMIL announced that its board has approved the elevation of its Chief Operating Officer Tarun Garg as Managing Director and CEO from January 1, 2026, as part of its succession planning.
Referring to the development, in an interaction with reporters, Munoz said, "The first time ever an Indian is going to become Managing Director and CEO from January (2026). This talks about the confidence we have in this, in this market, from the headquarters." Asserting that India is a strategic priority in Hyundai's global growth vision, he said, "By 2030, HMIL will be our second-largest region globally" behind North America. Currently, India is Hyundai's third-largest market, accounting for 15 per cent of its global sales, he added.
In alignment with Prime Minister Narendra Modi's vision of 'Make in India', he said, "We're making India a global export hub, targeting up to 30 per cent export contribution." On HMIL's future product pipeline, Munoz said, "Our commitment is comprehensive - 26 product launches, including seven new nameplates, India's first locally designed, developed and manufactured dedicated electric SUV by 2027." On hybrid vehicles, he said, "We are expanding from zero hybrid SUVs today to eight by 2030 with coverage across all segments, from compact and affordable hybrids to larger and premium SUVs." On plans for Hyundai Capital to enter India, he said, "We will start with a phased approach, phase one by Q2 2026." Stating that sales finance drives residual value, customer retention and brand value, he said, "We've experienced a 50 per cent improvement in brand loyalty and retention in markets with sales finance offerings. The Indian market today already has 80 per cent penetration that we are ready to capitalise on." This isn't just financial services. It is a strategic enabler of growth and customer satisfaction, Munoz added.
HMIL Managing Director Unsoo Kim said, "As we chart this growth trajectory, we are targeting a revenue milestone of Rs 1 lakh crore by FY2030, while sustaining strong double-digit EBITDA margins." Most importantly, Kim said, "We remain deeply committed to creating long-term value for our shareholders by announcing a healthy dividend payout guidance of 20 per cent to 40 per cent." Under its 2030 roadmap, HMIL is eyeing over 15 per cent domestic market share.
The company is also aiming for utility vehicles and eco-friendly powertrain (CNG, EV and Hybrid) contribution to reach over 80 per cent and more than 50 per cent, respectively, by FY30.
"We remain steadfast to augment our presence in the high-growth SUV segment driven by robust product strategy and customer-centric approach, thereby targeting over 80 per cent UV contribution by FY2030," HMIL MD & CEO Designate, Tarun Garg, said.
He further said HMIL will offer a comprehensive range of powertrain options spanning ICE, CNG, EV and hybrid technologies, with more than 50 per cent of its portfolio powered by cleaner and more sustainable technologies.
In terms of reach, Garg said, "By FY30, our sales and service network will extend to 85 per cent of India's districts, with rural markets expected to contribute 30 per cent of total sales."
Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.