‘India more important to us than China’ says Hyundai Motor president Munoz

On tariffs and their impact, Munoz said things are changing constantly and it is a challenge but it is also about competitive advantage. “Tariffs have been there forever and they will continue to be there…. The difference is that before those rules mainly didn’t change, because it was very difficult and now the rules are changing all the time. We believe that this is a very challenging, but it’s a competitive advantage.”

The company on Wednesday also announced the the appointment of its wholetime director and COO, Tarun Garg as its next MD and CEO with effect from, January 1, 2026. He is the first Indian national to have been appointed as the company’s MD and CEO since its inception 29 years ago.

Stating that electric vehicle demand across the world has not grown the way it was expected, Munoz said that almost two years back the company changed its strategy and has decided to focus on hybrids signalling a critical change in its approach towards powertrains. India will get eight hybrids from Hyundai making it the biggest line-up by any car brand in the country, he said.

“Our decision on change in strategy will benefit India as we can deliver the hybrids faster in India,” Munoz added.

Hyundai to have 18 car models in India

From 14 at the moment, including popular ones like Creta and i20 Elite, Hyundai will have 18 nameplates, including five battery electric models, by the turn of the decade. Besides all-new nameplates, the bouquet will have full model changes, derivatives and product facelifts. A multi-purpose vehicle aimed at families and an off-road SUV is in the works for the Indian market.

A compact electric SUV, which will be a dedicated localised product with more than one battery option catering to long highway rides and short urban commutes is part of the product pipeline.

India is the single, fourth largest market for Hyundai after North America, Korea and Europe. Of the targeted 5.55 million world-wide volumes, India is expected to generate 15% of it at around 832,500 units.

It aims to further strengthen its sports utility vehicle (SUV) line-up while entering a new product segment. The mix of SUVs in its offering is expected to rise to 82 per cent by FY30. Around 53 per cent of its fuel offerings will come from CNG, hybrid and EV.

After starting with manufacturing of electric vehicles at its Chennai plant, the second phase of the plan will entail deep supply chain localisation including that of high technology parts such as e-powertrain parts and also of battery cell and sub parts.

Hyundai will approach India’s central bank to seek a licence for starting a non-banking finance company (NBFC) offering automotive loans. Hyundai Capital will start operations in 2026 and will aim to provide auto finance and leasing options besides mobility services.

Genesis, the luxury car brand owned by Hyundai will debut in India in 2027. Its models will be assembled in the country to help price the products competitively against competition such as Mercedes-Benz, BMW, Audi and Lexus. Genesis has petrol and electric sedans and SUVs.

After defending the number two position for several years, Hyundai came under intense competition from Tata Motors and more recently Mahindra & Mahindra. The company slipped to the fourth position in the latest ranking provided by the Society of Indian Automobile Manufacturers (SIAM). It had a market share of 13 per cent by the end of September, 2025 down from nearly 14.5per cent recorded in the same month previous year.