Hyundai Motor India Ltd (HMIL), the country’s second-largest car manufacturer, has unveiled an aggressive strategy to launch 26 new models by 2030. This move aims to bolster its market share amidst intensifying competition from domestic rivals like Mahindra & Mahindra and Tata Motors.

The Road Ahead: A Diverse Portfolio

Hyundai’s upcoming lineup will comprise 20 internal combustion engine (ICE) vehicles and six electric vehicles (EVs), including hybrid variants. This diversified approach underscores the company’s commitment to catering to a broad spectrum of consumer preferences, from traditional fuel options to sustainable mobility solutions.

Addressing Market Challenges

In the fiscal year ending March 31, 2025, HMIL reported a 4% decline in consolidated net profit, totaling ₹1,614 crore. The dip is attributed to a 4% drop in domestic sales, particularly affecting models like the ‘Grand i10 Nios’ and ‘Venue’ SUV. However, a 14% growth in exports helped offset some of the domestic slump, with exports now constituting about 20% of Hyundai India’s total sales volume.

Strategic Investments and Expansion

To support this product expansion, Hyundai plans significant investments, including the establishment of a third manufacturing plant in Maharashtra. This facility is expected to commence operations in the latter half of fiscal 2026, potentially revitalizing domestic sales and earnings.

Competitive Landscape

Hyundai’s market share in India has declined to 14%, its lowest in 12 years, prompting the company to dispatch a high-level fact-finding team to assess the situation. The declining performance is attributed to intensified competition and the underperformance of certain models.

Conclusion

Hyundai’s plan to introduce 26 new models by 2030 reflects a robust strategy to reclaim its market position in India. By diversifying its portfolio and investing in new manufacturing capabilities, the company aims to address current challenges and meet the evolving demands of Indian consumers.