The Hyundai global chief outlines an ambitious India roadmap with 26 new models, a $5 billion investment, and a push to build homegrown R&D strength to take on local automakers.
15 Oct 2025 | 3217 Views | By Hormazd Sorabjee and Prerna Lidhoo
For South Korean automaker Hyundai Motor Company’s global chief José Muñoz, India isn’t just another market, it’s the proving ground for the company’s next big leap. As local automakers raise the bar on design and quality, Hyundai is doubling down with a $5 billion investment, a slate of 26 new ...
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For South Korean automaker Hyundai Motor Company’s global chief José Muñoz, India isn’t just another market, it’s the proving ground for the company’s next big leap. As local automakers raise the bar on design and quality, Hyundai is doubling down with a $5 billion investment, a slate of 26 new models, and a sharpened focus on India-led innovation.
“Within our company, we want to ensure that we give local R&D capabilities to India. The only way to be really competitive with the local brands is to have more Indian customers who understand the market, who apply their imagination, who apply their competitiveness. And then, if this is done properly, I believe the Indian market is going to produce global products,” José Muñoz, President and CEO of Hyundai Motor Company (HMC), said.
He pointed to the Hyundai Creta as an example of India’s growing engineering capability. “Creta is a good example, even though a lot of engineering has been done in Korea, but I think the new products that we have announced are going to be uniquely designed in and for India. And I am 100% sure that those products are going to help us compete in other continents as well, without a doubt. As mentioned, localized R&D is a key pillar of our strategy,” he added.
Muñoz said deeper localization offers Hyundai multiple advantages. “We believe that this will give us a shorter time to market and then a competitive edge and good quality as well. The conditions in this market are very demanding, so we make it work here, we make it work anywhere.”
Acknowledging the rising standards of Indian automakers, he said, “When it comes to local brands, we see a very good evolution. Local brands are having great design, also improving quality and reliability. I’m really impressed with the latest SUVs and the growth capabilities of the brands, and that’s why we want to be there too. We welcome the competition; we are better when we are challenged. And definitely in this market, we have to compete with among the best manufacturers in the world, and I think this makes it better.”
According to Muñoz, Hyundai’s roadmap for India is comprehensive and ambitious. “That’s why the plan is very complete and very challenging, bringing all the elements in. We want to bring Genesis, we want to produce all the electric vehicles here, we are investing in capacity, we are localizing R&D, we want a $5 billion investment,” he said. “So it’s a lot of ingredients to be very serious about being a strong contender in India. And not only see this as a market, but we see this as a way for us as a company to be more competitive globally, and bring the best practices and competitive technologies and cost and reliability from this market into other markets.”
Muñoz emphasized that Hyundai’s focus is not on chasing market share at any cost. “If you look globally, in all developed markets, it’s very difficult to find companies that have higher than 15 percent share,” he said. “So for us, there is no point in setting a high target in terms of market share just for the sake of achieving more market share. Because if you increase your share but you don’t make money, there is no relevance.”
“It’s better to have good quality of sales, good net revenue management that is sustainable and maintain a very high-level position in terms of share, because 15 percent is not bad at all. It’s a very good number. And then have a double-digit COP market,” he added.
Muñoz said Hyundai’s shareholders expect disciplined, profitable growth. “We care about the return on the investment. We care about the confidence that they bring to us. We have decided to be, but if you ask anybody who is behind us, I’m sure that they don’t see 15 percent as a humble number. They will have to work hard to overtake us.”
Speaking on India’s growth potential, Muñoz said, “This market is becoming more expected motorization. I think it’s going to be like a rocket. If you look at the amount of people that are driving motorcycles or three-wheelers, you will see that all these people, sooner or later, their aspiration is going to have a passenger car.”
He views India not as a single monolithic market but as “many markets” coexisting. “I never see India like one market. I see many markets, but like two Indias, right? On one side, the India market, which is becoming like all global markets, would like to have more SUVs, more off-road, etc., and in a very good manner. And I think that the domestics are doing a very strong effort there, and that’s why we have announced that we’re going to get into the off-road SUV market.”
Muñoz reiterated Hyundai’s dual strategy: to grow its stronghold in SUVs while staying committed to the entry-level segment that built the brand’s popularity in India. He said the SUV segment will remain a key growth driver, an area where Hyundai already has deep global expertise, but added that the company has no plans to abandon the affordable car market that has earned it customer trust and scale. According to him, Hyundai’s loyal base of small-car owners provides a natural pathway to move up to larger, more feature-rich SUVs: a transition made easier by the brand’s reputation for reliability, value, and service.
On the product front, Muñoz acknowledged that Hyundai had been “a little bit too late” in launching new models. Success in global markets and multiple priorities, he said, had slowed its product momentum in India. However, that is changing. “We analyzed the market and saw a clear shift in the pace of competition in India, so we decided to accelerate our own,” he said. Hyundai will now roll out 26 new models by 2030, backed by a $5 billion investment, an expanded 250,000-unit production capacity, a localized R&D center, the introduction of the Genesis brand, and the launch of Hyundai Capital for financing — what Muñoz calls “a big, fast reaction” from the corporation.