Hyundai aims to regain No. 2 spot in India by 2028-29, says global CEO | Company News

Hyundai Motor Company aims to regain its position as India’s second-largest passenger vehicle manufacturer by 2028-29, banking on higher production capacity, 26 new models and investments in electric vehicles (EVs) and localisation to recover lost market share.

The South Korean carmaker, which has slipped to fourth position in India’s passenger vehicle market, expects its newly inaugurated Pune plant to play a key role in its recovery. Global president and chief executive officer José Muñoz said higher production from the facility would help Hyundai regain its position, although product quality and competitiveness would remain its primary focus.

“Regaining the position will depend on production. This factory will help us increase output, and once its capacity rises to 320,000 units, I think we can get there by 2028-29,” Muñoz said at the inauguration of the Pune plant on Wednesday.

Hyundai Motor India (HMIL) currently has an installed annual capacity of 170,000 units at the Talegaon facility in Maharashtra, which it plans to expand in phases to 320,000 units by 2030. Combined with its Chennai operations, the company’s annual manufacturing capacity is expected to reach nearly 1.14 million units by 2030.

The expansion comes as Hyundai Motor Group steps up its investment plans in India. On Tuesday, the group announced investments of $15.5 billion between 2026 and 2032 across manufacturing, research and development (R&D), localisation, technology and emerging mobility businesses. The announcement followed a meeting between group executive chair Euisun Chung and Prime Minister Narendra Modi in New Delhi.

The investment commitment covers capacity expansion at Hyundai Motor India and Kia India, alongside technology and the broader automotive ecosystem. Company officials said around 60 per cent of the investment would go towards production, 20 per cent towards new technologies, including artificial intelligence and startups, and the remaining 20 per cent towards R&D.

The group also plans to invest around $700 million in its Indian R&D centre, including a vehicle testing track, to strengthen local engineering and product development capabilities. A dedicated investment entity will coordinate investments across R&D, future technologies and the automotive ecosystem.

To support the additional capacity and regain market share, Hyundai plans to introduce 26 new models, including four EVs, by 2029. It is also preparing to introduce hybrid models, with a target of making 50 per cent of its portfolio sustainable by 2030.