Hyundai targets India's No. 2 automaker spot by 2028-29

Hyundai Motor Company's global CEO has signaled the company's commitment to reversing its declining market share in India, one of the world's fastest-growing automobile markets. The automaker, which previously held the second position in India's passenger vehicle segment, plans to achieve this status once again by 2028-29 through a comprehensive expansion and product diversification strategy.

The Seoul-based manufacturer will leverage capacity increases at its manufacturing facility in Pune as a cornerstone of its growth plans. The expanded production base will support the launch of 26 new vehicle models across various segments over the coming years, addressing gaps in Hyundai's current portfolio and capturing emerging market opportunities.

Electric vehicle development and localization represent critical pillars of the turnaround strategy. Hyundai intends to deepen its EV lineup while simultaneously increasing the proportion of locally-sourced components to reduce manufacturing costs and strengthen supply chain resilience. These initiatives align with India's broader push toward vehicle electrification and the government's emphasis on domestic manufacturing.

The ambitious timeline underscores Hyundai's determination to compete in India's intensely competitive automotive landscape, where market dynamics and consumer preferences continue to evolve rapidly. Success will require swift execution across product development, manufacturing expansion, and market positioning.