Leadership change at Hyundai Motors: Tarun Garg named India CEO; $5 billion investment plan unveiled

Hyundai Motor India announced on Wednesday the appointment of Tarun Garg as its new chief executive officer, establishing a historic milestone as the first Indian to lead the company's operations in the country.

The announcement was made alongside the disclosure of a $5 billion investment strategy for enhancing manufacturing and research facilities.Taking over from Unsoo Kim in January 2026, Garg will serve as managing director and CEO. Kim, who has led Hyundai Motor India since 2022, will transition to a strategic position at Hyundai Motor Co. in South Korea before year-end.Following the announcement of the leadership change, Hyundai shares reversed earlier declines, rising 2.58% on BSE at 12:08 pm.Kim, who joined Hyundai in 1991, led the company through its significant $3.3 billion initial public offering in 2024, which stands as India's largest IPO to date.Since its entry into India in 1996, the South Korean automobile manufacturer has established itself as the second-largest carmaker in the country after Maruti Suzuki, offering successful models including the Creta, Venue, and i20, according to ET.The company revealed these developments during its inaugural investor day following its market listing last year.

Hyundai's shares, which have increased by approximately 33% in 2025, remained stable on Wednesday.Hyundai revealed plans to invest Rs 45,000 crore ($5.07 billion) through fiscal 2030 to boost production capacity and enhance research and development. The investment allocation includes 60% for R&D, with the remainder designated for product improvements and capacity expansion.The organisation has established objectives to achieve core earnings margins between 11% and 14% for fiscal years 2026 to 2030, whilst projecting domestic sales to grow at a 7% compound annual rate over the next five years.