Hyundai Motor India plans to invest Rs450bn ($4.76bn) and launch 26 new models by 2030, with green powertrains projected to account for over half of its overall range.
The Indian unit’s managing director and CEO Tarun Garg told ETAuto that the company's upcoming dedicated electric sport utility vehicle (SUV) is to be designed from the ground up to fit the Production Linked Incentive (PLI) scheme.
The PLI scheme, introduced by the Government of India in 2020, aims to position the country as a global manufacturing hub.
This investment and model expansion form part of a broader strategy encompassing increased electric vehicle (EV) localisation, a wider green powertrain range and a strengthened presence in rural markets.
The South Korean major is also working to deepen local manufacturing of batteries, drivetrains and power electronics to support its EV plans.
Garg additionally spoke about EV competition, charging infrastructure, exports and the company's FY27 growth targets.
In a separate ETAuto report citing Press Trust of India, Hyundai Motor India said it expects rural markets to account for about 30% of total sales over the next three to four years, compared with current levels.
SUVs currently represent 68% of the company's total sales, with rural SUV penetration at 69%.
The company is expanding its rural presence further, with six in ten new outlets being opened in rural areas.
Domestic sales between April and August this fiscal year stood at 247,980 units, up 12.6% from 220,233 units in the same period last year.
Hyundai Motor India operates over 1,510 sales outlets and more than 1,670 service centres nationwide.
“I will not be surprised if in another three to four years we can reach about 30%,” Garg was quoted as saying, referring to rural market penetration prospects.
On growth trends, Garg noted: “Rural [market] growth in quarter one was 23% and urban growth was 2.8% in quarter one of this fiscal.”
The rural expansion is expected to be supported by two forthcoming products – a midsize SUV and a compact electric SUV – which Garg said would help drive rural penetration.
Improved road infrastructure and lower-cost data access have also been cited as contributing factors.
This follows the product roadmap unveiled by parent company Hyundai Motor at its 2026 CEO Investor Day in Seoul late last month, which set a target of 5.55 million global vehicle sales annually by 2030, up from an expected 4.2 million in 2026.
The company reported two million vehicle deliveries in the first half of 2026, with revenue rising 2.7% year-on-year to Won95.2tn ($68.9bn).
Hyundai’s CEO, José Muñoz, confirmed at the event that the company plans to launch more than 100 new and updated models by 2030.
