Hyundai Motor Company plans to elevate India to its position as the company’s second-largest global market by 2030, or possibly sooner, through deeper localisation, a wider product portfolio, and an expanded role in exports and research and development. José Muñoz, President and CEO of Hyundai Motor Company, shared these plans during a media roundtable in Mumbai on 15 October.
Muñoz emphasized that India, rather than China, has been “more important” to Hyundai over the past three decades and will play a central role in the company’s next phase. This includes end-to-end localisation across manufacturing, supply chains, product development, and technology.
“You cannot compete globally today by exporting everything from a single country. Production needs to happen in Europe, the US, and India,” he said.
Currently, Hyundai produces 100% of the vehicles it sells in India locally. About 30% of India’s production is exported, highlighting the country’s growing importance as both a domestic market and a global manufacturing hub.