Hyundai Motor India appoints Tarun Garg as MD and CEO, first Indian to achieve feat; when will he take over?

Hyundai Motor India on late Tuesday named Tarun Garg as its new chief executive officer. An insider, Garg, whose expected appointment was first reported by Mint on 16 September, is the first Indian to lead the domestic arm of the South Korea-based automaker, and will also serve as the Managing Director of the company.

Garg will take on his new role effective January 1, 2026, subject to shareholder approval. He is currently a Whole-Time Director and COO of Hyundai Motor India Ltd.

Garg will succeed Unsoo Kim, who has led Hyundai Motor India since 2022 and will return to South Korea at the end of the year to assume a strategic role at the parent company, Hyundai Motor Co.

The company said that Garg's succession as CEO proves “Hyundai’s strong confidence in India’s leadership capabilities and India’s growing strategic importance within the global automotive landscape.”

“I am deeply honoured by the trust and confidence placed in me by Hyundai Motor Group. India’s automotive sector is in an exciting phase of transformation and I aim to contribute to HMIL’s continued growth in this market by stepping into this role,” Tarun Garg said of his appointment.

The South Korean automaker, which entered India in 1996, is the country's second-largest carmaker after Maruti Suzuki , with bestsellers such as the Creta, Venue, and i20.

Hyundai Motor India made the announcements ahead of its first investor day since the company's market debut last year.

The company's shares, which have climbed nearly 32 per cent since their listing, have gained 33 per cent so far in 2025 and traded largely flat on Wednesday.

Tarun Garg, a former Maruti Suzuki India executive who has been with Hyundai for six years, was the chief orchestrator of the Hyundai Motor India IPO in 2024.

Hyundai Motor India's investment plans

The company said it plans to invest ₹450 billion ($5.07 billion) by fiscal 2030 to boost capacity and strengthen research and development, allocating about 60 per cent of the funds to R&D and the rest toward product upgrades and capacity expansion.

It also aims for double-digit core earnings margins of 11–14 per cent between fiscal 2026 and 2030, and projects a 7 per cent compound annual growth rate in domestic sales over the next five years.