This is the start of Hyundai India's next phase of growth: Tarun Garg

Hyundai veteran Tarun Garg will succeed Unsoo Kim as MD & CEO from Jan 1, 2026, marking a new chapter in the automaker's India journey

Tarun Garg was on Wednesday named as the next managing director and chief executive officer (MD & CEO) of Hyundai Motor India Limited (HMIL). 55 years old Garg -- currently the whole-time director and chief operating officer of HMIL -- will become the first Indian to take over the role on January 1, 2026. Incumbent Unsoo Kim will return to a strategic role at Hyundai Motor Company (HMC), South Korea. Garg was the chief orchestrator of HMIL’s initial public offering (IPO) in 2024, the largest public offering in the history of the Indian equity markets. An IIM Lucknow alumnus, Garg’s sharp focus on profitability, sustainability and customer experience positioned HMIL at the forefront of the SUV segment leadership. Soon after the announcement, Garg, in conversation with Sohini Das, outlines his plans for the company and looks back on his journey. Edited excerpts.

 

Tell us about your journey so far.

 

My father was a mathematician, and a famous author. Discipline in the house was very strong and I was a good student. So did my engineering, followed by an MBA.

 

Then I stayed in Maruti Suzuki India for 26 years, and every 3-4 years I was getting a new assignment. I started with logistics, and when you start at a low level, you don’t have any ego, so it helped me to become a people’s man. I have been in the field, in sales, in marketing, in spare parts, logistics – giving me exposure to every role. The benefit of this was that when I joined Hyundai as director of sales and marketing and Covid-19 pandemic hit within 2-months, I could navigate the challenges. That year (2020) Hyundai had the highest ever market share in its history, and the whole game of SUVs changed.

 

Would you focus on volumes or profitability?

 

One has to balance volumes and profits, and this approach has really helped us. And of course the IPO was the biggest thing, and I am very thankful that I got this opportunity to play a lead role there. As a listed company we have a responsibility to balance between volumes and profitability, and similarly a balance between domestic and exports.

 

You are taking charge in a challenging time when your market share is being threatened by competition. What is going to be your short-to-mid term strategy before new products arrive?

 

Becoming the first Indian MD & CEO is a matter of great pride, and at the same time, a great responsibility also. I think this is the start of Hyundai’s next phase of growth in India.

 

The beauty of this is that the more you are pushed, and challenged; the best comes out of it. I am very confident that with the kind of team we have, and fundamentals we have, we would do well. We announced the new Venue today, and this segment (sub-compact SUV) is benefitting the most from the new GST regime. So we have a big advantage there.

 

The Pune plant is going to be very important. With this capacity, you will see more and more models coming in. Exports are doing very well, which means we are able to generate good revenue, and already the export percentage has increased to 26-27 per cent or so. For Hyundai, it’s never about a short-term of 6 or 12 months. It’s all about mid to long-term for us. We have a strong product pipeline going forward.

 

Targeting 15% domestic market share along with exports growth by 2030, how soon will you need a new plant?

 

We keep on assessing, and also we are very good at de-bottlenecking. When the Chennai plant came in, the capacity was 680,000 units (per annum), and now it is 824,000 units.

 

How do you plan to navigate the global supply-chain challenges that the automotive industry now faces?

 

There is a huge advantage of being part of the Hyundai Motor Corporation supply chain, and if you see during Covid-19 times, one big advantage we had was that we were part of the HMC supply-chain. We are talking very closely with our vendors. And as of now, there is absolutely no disruption in any production or no postponement of anything.

 

Lastly, how do you balance between personal life and work?

 

I have dinner very early by 6:30-7 pm. I spend a lot of quality time with my wife, like going on walks, talking. I love travelling. Every morning my yoga teacher will come, and we will try to do yoga together. I think it is very important to be happy personally and then success probably becomes relatively easier. My children are doing very well, I have twins and both studied at IIT Delhi and IIM Ahmedabad, and are now employed. So I am a proud father. As a family we have valued education and discipline and I think these core values helped me reach where I am today.