Hyundai India eyes homegrown play as rivals turn up heat

Korea's Hyundai Motor that made an aggressive India bet late last century is looking to reinvent itself as a homegrown carmaker, at a time when its coveted market position is under challenge from fierce local rivals.

- Ayaan Kartik

Hyundai Motor India Ltd won early success with popular models such as the Hyundai Santro, Accent and i10, becoming India's second-largest carmaker by 2009. The company has guarded that position since then, but threats are rising-Mahindra and Mahindra outsold Hyundai in the first nine months of 2025; Tata Motors Ltd is catching up as well.

At Hyundai's sprawling Gurugram headquarters, Unsoo Kim, the company's outgoing India boss, spelt out a key goal, as the carmaker fights to guard its cherished position.

"Hyundai wants to be a homegrown brand in India. We want to grow with the community, economy, and the Indian nation."

Just a year ago, Hyundai launched India's biggest initial public offering, becoming only the second public outing for the Korean chaebol after its home country. Kim's impending return to Hyundai's Korea office, and the elevation of an Indian national as chief executive officer (CEO), marks another milestone in its India journey.

"When I joined Hyundai in 1991, at that time, our goal was that we wanted to be in the global top 10 of carmakers. Today, the Hyundai Motor Group is third largest globally," Kim said in an interview, sitting next to wholetime director and chief operating officer (COO) Tarun Garg, who takes the reins of Hyundai India in January.

"Every country has its own situation. India is also different. But if I look back at history, we have maintained the second position. There are many ups and downs," said Kim, adding that Hyundai is among the rare foreign carmakers which has managed to maintain its position in India for such a long time.

Hyundai's success has been remarkable in a market littered with failures. Fiat SpA, Ford Motor Corp, General Motors Co. and Daewoo Motor Co. that entered India in the mid-1990s have folded up. Others such as Toyota, Honda, Skoda and Volkswagen have tiny slivers of the market.

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