Hyundai India names its first-ever Indian MD, CEO
What's the story
Hyundai Motor India Ltd has appointed Tarun Garg, its current whole-time director, as the new Managing Director and CEO. Garg will take charge of Hyundai's India operations from January 1, 2026, becoming the first Indian to lead the company since its entry into the country in 1996. He will take over from Unsoo Kim, who is returning to South Korea after a successful tenure since 2022. Kim will assume a strategic role at the parent company.
Leadership transition
Garg's long association with Hyundai
Garg's elevation is a major milestone for Hyundai, considering his long association with the company and the automotive industry. He has previously held key positions at Maruti Suzuki India Ltd before joining Hyundai six years ago. His appointment is subject to shareholder approval, but until then, he will serve as MD and CEO-designate.
Expansion strategy
Hyundai unveils $5 billion investment plan
Along with the leadership change, Hyundai also unveiled a massive investment plan to expand its manufacturing and research capabilities. The company plans to invest ₹45,000 crore by FY30, with about 60% of the funds earmarked for R&D and the rest for product upgrades and capacity expansion. This comes as part of their growth strategy ahead of their first investor day since listing last year.
Growth projections
Targets for domestic sales and new model launches
Hyundai has set ambitious targets for its domestic sales, aiming for a 7% compound annual growth rate over the next five years. The company also plans to launch 26 new models by FY30, including seven new products. It will launch India's first locally-manufactured dedicated electric SUV by 2027 and enter the luxury segment with the Genesis brand in India by 2027.
Export ambitions
Other key growth targets set by Hyundai
Hyundai also plans to strengthen its position as a major export hub, targeting up to 30% of total sales from exports by 2030. The company has set a target of increasing revenue by 1.5 times current levels, crossing the ₹1 lakh crore milestone by FY30. It also maintained its double-digit EBITDA margin guidance and announced an annual dividend payout between 20% to 40% of free cash flow for the year.