South Korean auto major, Hyundai Motor, has named Tarun Garg as the next Managing Director and Chief Executive Officer (CEO) of Hyundai Motor India Limited (HMIL), subject to approval of the shareholders, effective January 1, 2026.
Currently serving as the Whole-time Director and COO of HMIL, this is the first time since the company’s establishment 29 years ago that an Indian national will take on this leadership role within HMIL.
Following his transition to the role, the incumbent Managing Director, Unsoo Kim, is set to return to a role at Hyundai Motor Company (HMC) in South Korea.
“This appointment reflects Hyundai’s strong confidence in India’s leadership capabilities and India’s growing strategic importance within the global automotive landscape. Mr. Garg was identified for this position by HMC,” the company said in a statement.
Meanwhile, Hyundai Motor Co President & CEO, Jose Munoz, called Garg’s appointment as a “defining moment” in their nearly three-decade history. Calling him a “transformative leader” and a “people-first leader”, Munoz said Garg brought a “progressive vision” combined with “deep understanding of the Indian market”.
“Under his guidance as COO, HMIL achieved record sales for three consecutive years, record-breaking profits, and completed India’s largest IPO in 2024,” Munoz said, adding that Garg understands that “success happens when you treat customers like honoured guests, empower your teams, and invest for the long term”.
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Garg said he was “deeply honoured for the trust and confidence” placed in him by the Hyundai Motor Group. He has previously worked with Maruti Suzuki India Limited (MSIL).
Munoz also announced on Wednesday that the company’s Indian arm will invest ₹45,000 crore by FY30, aiming to make India its second-largest region globally.
Addressing investors here in his first visit to the country, Munoz said Hyundai Motor India Ltd (HMIL) has set a target of up to 30 per cent export contribution.
The company also aims to increase its revenues by 1.5 times and cross the ₹1 lakh crore milestone by FY2030 under its 2030 growth roadmap.
Under the roadmap, HMIL plans 26 product launches by FY2030, including seven new nameplates, marking its entry into the MPV and off-road SUV segments.
The company also aims to roll out a locally designed, developed and manufactured dedicated electric SUV for the Indian market by 2027.
The company will also launch the luxury segment brand Genesis in India by 2027.
“Following our landmark IPO last year and 30 years of success in India, now HMIL plans an investment of ₹45,000 crore through FY30 to drive the next phase of growth,” Munoz said while addressing HMIL's first-ever investor day here.
Sixty per cent of the investment will be on product and R&D, and the remaining 40 per cent on capacity and upgradation.
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.” Stating that India’s fundamentals are strong, Munoz said the company’s strategy is clear for the market.
HMIL Managing Director Unsoo Kim said, “As we chart this growth trajectory, we are targeting a revenue milestone of ₹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.”
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