Hyundai preps new models, fresh $5 billion

Hyundai Motor India Ltd will invest 45,000 crore (approximately $5 billion) in India and roll out a bunch of cars and SUVs over the next five years, as the company seeks to arrest the slide in its market share.

- Nehal Chaliawala & Ayaan Kartik

Over the next five years, Hyundai will launch 26 car models, including refreshes and model upgrades.

(REUTERS)

However, the Korean carmaker has its sights firmly set on profitability in India, global president and CEO Jose Muiioz said, on a day its operations chief Tarun Garg was elevated managing director and chief executive of the Indian business.

Hyundai, which has reigned as India’s second-largest carmaker for over 25 years, has seen its market share slip in the last year, with local rivals Mahindra and Mahindra and Tata Motors breathing down its neck. However, the president emphasized that Hyundai will not engage ina price war, even if it meant losing the tag of being the country’s No.2 carmaker. The Korean company is also bringing its luxury brand Genesis to India by 2027 to bolster its margins and brand perception.