Hyundai Motor India's Ambitious Strategy for Revival and Growth
Key Ideas
  • Hyundai Motor India faces challenges with declining market share and slow sales but aims for revival through a three-pronged strategy.
  • The company plans to launch 26 new models by 2030, including ICE vehicles, EVs, hybrids, and hydrogen-powered models.
  • Hyundai will increase its production capacity to 1.1 million units annually and expand its Talegaon plant in Pune to meet demand.
  • The company targets a rise in export share from 22% to 30%, emphasizing on global sales to strengthen its position in the Indian auto market.
Hyundai Motor India is currently undergoing a challenging phase marked by a decrease in market share and sluggish sales. In an effort to bounce back, Tarun Garg, the whole-time director and COO, has revealed a comprehensive strategy to reclaim lost ground. This strategy revolves around three key pillars: enhancing the product line-up, expanding production capacity, and boosting exports. By 2030, Hyundai plans to introduce a total of 26 new models, comprising 20 Internal Combustion Engine (ICE) vehicles, six Electric Vehicles (EVs), as well as three to four hybrid and hydrogen-powered models. To cater to the increasing demand, Hyundai aims to boost its production capacity to 1.1 million units per year within the next two years. This expansion will be supported by the forthcoming Talegaon plant in Pune. Furthermore, the company is setting its sights on the global market by aiming to elevate its export contribution from the current 22% to 30% by the end of the decade. Through these aggressive steps focusing on production, innovation, and international sales, Hyundai is optimistic about not only reversing its recent setbacks but also consolidating its position in the fiercely competitive Indian automotive industry.
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