Hyundai Global CEO Jose Munoz Highlights India’s Market Potential Driven by Population and Motorization
Jose Munoz has made history by becoming the first non-Korean to lead Hyundai Motor Company as its global CEO and President, a role he assumed in January 2025. The Spanish-born executive, now a U.S. citizen, is setting his sights on India, which he views as a critical market for Hyundai’s global ambitions. Munoz emphasizes that India is not just a part of Hyundai’s strategy but central to it, highlighting the country’s potential for growth in the automotive sector.
Investment Plans for India
Hyundai has ambitious plans for the Indian market, with a commitment to invest ₹45,000 crore by the fiscal year 2030. This investment will support the launch of 26 new vehicles, including seven new nameplates, eight hybrids, and five electric vehicles (EVs). Munoz aims for Hyundai’s revenues in India to grow by 1.5 times, targeting a revenue of over ₹1 lakh crore by FY30. He anticipates that the Indian automotive market will reach total industry volumes of 5.6 million vehicles by 2030. Munoz envisions India not only as a significant market but also as a hub for exports, particularly in the electric vehicle segment. He stresses that while plans are essential, execution is the key to success, stating that execution constitutes 99% of the strategy.
Understanding India’s Market Dynamics
Munoz identifies several factors that make India a promising market for car manufacturers. He notes the large population of motorcycle and three-wheeler users who aspire to own cars. He describes the Indian market as having two distinct segments: one that resembles global markets with a demand for SUVs and off-road vehicles, and another that presents a vast opportunity for transitioning users from two-wheelers to passenger cars. Munoz believes that the expected growth in motorization will propel the Indian automotive market forward significantly. By the end of FY30, he predicts that India will become Hyundai’s largest region for vehicle volumes after North America.
Competition and Market Strategy
As competition intensifies in India, particularly from local leaders like Maruti Suzuki, Mahindra & Mahindra, and Tata Motors, Munoz acknowledges the evolution of local brands. He commends their improved design, quality, and reliability, particularly in the SUV segment. Munoz welcomes this competition, asserting that it drives Hyundai to improve and innovate. He views the Indian market not just as a battleground for sales but as a critical component of Hyundai’s global competitiveness. He also addresses the rising threat from Chinese manufacturers in the EV space, stating that succeeding in India will better position Hyundai to compete globally.
Future Prospects and Luxury Segment
Hyundai is also preparing to introduce its luxury brand, Genesis, to the Indian market by 2027. The company plans to manufacture Genesis models locally, recognizing the potential for luxury vehicles in India. Despite the significant capital expenditure required for these expansions, Munoz has outlined a dividend payout plan of 20-40%, emphasizing a balanced approach to investment and shareholder returns. He reassures stakeholders that Hyundai is focused on long-term growth rather than short-term gains, aiming to establish a strong foothold in one of the world’s most dynamic automotive markets.
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