'Indian market will be a rocket given its population and motorization potential': Hyundai Global CEO Jose Munoz
Jose Munoz literally shattered the glass ceiling as he became the first non-Korean to become the global CEO and President of Korean automotive giant Hyundai in Jan 2025. A native of Spain and currently a US citizen, the 60-year-old Munoz now has his eyes firmly fixed on India, a market that he sees not just as high potential for the company’s global operations but also as a territory he believes will make the company globally competitive. Brutally upfront on India’s importance, he says, “I think India is not just important for Hyundai’s global strategy, but India is Hyundai’s global strategy. Get the message loud and clear.”
Excerpts from a Q&A in Mumbai:
What are your plans for the Indian market , especially as competition is becoming stiffer here as companies transition towards EVs and sustainable vehicles?
We have strong plans for India, which includes investing Rs 45,000 crore by fiscal 2030, launching 26 new cars that will include seven new nameplates, eight hybrids and five EVs. We are targeting a 1.5X growth in our revenues which we expect to cross Rs 1 lakh crore by FY30 with sustained double-digit EBITDA margins and a dividend payout guidance of 20-40%.
We expect the Indian market to have total industry volumes of 5.6 million vehicles by 2030, and intend to make the country a hub for exports, including for electrics.
I think India is not just important for Hyundai’s global strategy, but India is Hyundai’s global strategy. Get the message loud and clear.
But we also realise that while plans are very important, they are just 1% of the strategy. Most important part is execution which is 99%.
What are the factors in India that make it such a promising market for carmakers?
When we look at India, we feel immense potential in the large number of people who use motorcycles and 3-Wheelers. They all have aspirations of owning a car.
I see two Indias — one which is like global markets with SUVs and off-roaders. The other has a massive market potential where current usage is of 3-Wheelers and motorcycles which will move to passenger cars.
The market is becoming more and more important for us… Given the population and the expected motorisation, it will be like a rocket.
By FY30 end, we see India emerge as our biggest region for volumes after North America.
As SUVs are the dominant body style now, will you still focus on small cars here? They once used to rule over the market.
We are not going to abandon the (small car) market which makes us more competitive and allows us to be popular. Small cars also help our customers with an easy transition from entry cars to our bigger ones.
How do you see competition from local market leader Maruti Suzuki , apart from Indian brands such as Mahindra & Mahindra and Tata Motors?
We see a very huge evolution here. The local brands have great design and have improved in quality and reliability. I am impressed by the latest SUVs and road capabilities of the brands. We welcome competition. We are better when we are challenged. While our plan is complete and very challenging with a lot of ingredients, we need to be very serious about strong contenders in India. We not only see this as a market, but as a way for us to become globally competitive.
Chinese makers have been growing strongly across the world with their EVs. How do you the threats from them here?
The Indian market is itself becoming extremely competitive. If we are able to succeed here, we will be in a better position to compete against the Chinese.
You have announced plans to launch your Genesis luxury brand in the country. Can you give details?
Genesis will enter India in 2027. We plan to locally manufacture the models in the country. We see good potential for the luxury brand here.
You have a 20-40% dividend payout plan even while looking at massive capex. How do you do this?
That’s part of the plan. We are not a short-term oriented company. It’s a mid- to long-term plan. You need to be well balanced — to invest and also provide a dividend.
Excerpts from a Q&A in Mumbai:
What are your plans for the Indian market , especially as competition is becoming stiffer here as companies transition towards EVs and sustainable vehicles?
We have strong plans for India, which includes investing Rs 45,000 crore by fiscal 2030, launching 26 new cars that will include seven new nameplates, eight hybrids and five EVs. We are targeting a 1.5X growth in our revenues which we expect to cross Rs 1 lakh crore by FY30 with sustained double-digit EBITDA margins and a dividend payout guidance of 20-40%.
We expect the Indian market to have total industry volumes of 5.6 million vehicles by 2030, and intend to make the country a hub for exports, including for electrics.
I think India is not just important for Hyundai’s global strategy, but India is Hyundai’s global strategy. Get the message loud and clear.
But we also realise that while plans are very important, they are just 1% of the strategy. Most important part is execution which is 99%.
What are the factors in India that make it such a promising market for carmakers?
When we look at India, we feel immense potential in the large number of people who use motorcycles and 3-Wheelers. They all have aspirations of owning a car.
I see two Indias — one which is like global markets with SUVs and off-roaders. The other has a massive market potential where current usage is of 3-Wheelers and motorcycles which will move to passenger cars.
The market is becoming more and more important for us… Given the population and the expected motorisation, it will be like a rocket.
By FY30 end, we see India emerge as our biggest region for volumes after North America.
As SUVs are the dominant body style now, will you still focus on small cars here? They once used to rule over the market.
We are not going to abandon the (small car) market which makes us more competitive and allows us to be popular. Small cars also help our customers with an easy transition from entry cars to our bigger ones.
How do you see competition from local market leader Maruti Suzuki , apart from Indian brands such as Mahindra & Mahindra and Tata Motors?
We see a very huge evolution here. The local brands have great design and have improved in quality and reliability. I am impressed by the latest SUVs and road capabilities of the brands. We welcome competition. We are better when we are challenged. While our plan is complete and very challenging with a lot of ingredients, we need to be very serious about strong contenders in India. We not only see this as a market, but as a way for us to become globally competitive.
Chinese makers have been growing strongly across the world with their EVs. How do you the threats from them here?
The Indian market is itself becoming extremely competitive. If we are able to succeed here, we will be in a better position to compete against the Chinese.
You have announced plans to launch your Genesis luxury brand in the country. Can you give details?
Genesis will enter India in 2027. We plan to locally manufacture the models in the country. We see good potential for the luxury brand here.
You have a 20-40% dividend payout plan even while looking at massive capex. How do you do this?
That’s part of the plan. We are not a short-term oriented company. It’s a mid- to long-term plan. You need to be well balanced — to invest and also provide a dividend.
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