Jose Munoz, the first non-Korean to become Hyundai’s global CEO and president in January 2025, views India as a vital market for global growth and competitiveness.
Munoz, a Spanish-born U.S. citizen aged 60, is candid about India’s central role in Hyundai’s global strategy.
Hyundai plans to invest ₹45,000 crore in India by fiscal year 2030.
Hyundai CEO Jose Munoz Bets Big on India with ₹45,000 Crore Investment Plan
The company will launch 26 new cars in India, including seven new nameplates, eight hybrids, and five electric vehicles (EVs).
Hyundai aims to grow its Indian revenues by 1.5 times, expecting to surpass ₹1 lakh crore by FY2030.
The company targets sustained double-digit EBITDA margins and a dividend payout between 20% and 40%.
Munoz expects India’s total vehicle industry volume to reach 5.6 million units by 2030.
Hyundai intends to make India an export hub, including for electric vehicles.
Munoz emphasizes, “India is not just important for Hyundai’s global strategy, but India is Hyundai’s global strategy.”
He adds that while planning is crucial, “plans are just 1% of the strategy… the most important part is execution which is 99%.”
Munoz Sees India’s Two- and Three-Wheeler Users as Key Growth Opportunity for Hyundai
Munoz believes India’s market potential lies in the large population currently using motorcycles and three-wheelers who aspire to own cars.
He describes “two Indias” — one resembling global markets with SUVs and off-roaders, and another with massive potential where users will upgrade from two- and three-wheelers to cars.
Munoz predicts that given India’s population and growing motorization, the market “will be like a rocket.”
By the end of FY2030, he expects India to become Hyundai’s largest region by volume after North America.
Despite SUVs dominating the market, Hyundai will continue producing small cars in India.
Munoz stresses that small cars are essential because they “make us more competitive and allow us to be popular.”
He notes that small cars help customers transition easily from entry-level models to larger ones.
On competition from Maruti, Mahindra, and Tata Motors, Munoz acknowledges that local brands have made “great improvements in design, quality, and reliability.”
He praises the “latest SUVs and road capabilities” of Indian automakers.
Munoz says Hyundai “welcomes competition” because “we are better when we are challenged.”
He admits that Hyundai’s plan for India is ambitious and complex, requiring serious attention to strong local contenders.
Munoz believes succeeding in India will make Hyundai stronger globally and more capable of competing with Chinese automakers.
Regarding the Genesis luxury brand, Munoz confirms its launch in India in 2027.
Hyundai plans to locally manufacture Genesis models in India.
He expresses confidence in the luxury segment, saying there is “good potential for the luxury brand here.”
On balancing major investments with dividends, Munoz explains that Hyundai’s approach is part of a “mid- to long-term plan.”
He states that the company aims to remain “well balanced — to invest and also provide a dividend,” highlighting a focus on sustainable growth rather than short-term gains.
