The objective is to make HMIL the second largest globally within Hyundai Motor Company by 2030.
Significantly enough, HMIL has elevated Tarun Garg as the next Managing Director and Chief Executive Officer of the company, effective January 1, 2026. Currently, Garg is the Whole-time Director & COO of HMIL. Following a smooth transition, the incumbent Managing Director, Mr. Unsoo Kim, will return to a strategic role at Hyundai Motor Company (HMC), South Korea.
This appointment comes at a crucial time as HMIL is aiming to solidify its position in the Indian car market.
He was the Chief Orchestrator of the Initial Public Offering (IPO) of HMIL in 2024, which marked the largest public offering in the history of the Indian equity markets.
In line with its strategic goal, HMIL is working on a major product push with 26 launches by FY 2030, including 7 new name plates, which will enter segments such as multi-purpose vehicle (MPV) and off-road sport utility vehicle (SUV).
A key part of the portfolio is a locally manufactured dedicated electric SUV, scheduled for launch by 2027. Additionally, HMIL will launch its luxury brand Genesis in India by 2027.
HMIL targets a domestic market share of over 15 per cent and aims for the UV (utility vehicle) contribution to sales to reach over 80 per cent by FY2030.
The company is also focusing on sustainable mobility, targeting the contribution of eco-friendly powertrains (CNG + EV + Hybrid) to be 50 per cent by FY2030.
Financially, HMIL targets 1.5X revenues, crossing the Rs 1 lakh crore by FY2030, while sustaining double-digit EBITDA (earnings before interest, taxes, depreciation and amortization) margins. Reinforcing its position as a key export hub, HMIL is targeting up to 30 per cent export contribution by 2030.
