New Delhi: Following its blockbuster IPO in October 2024, South Korean automaker Hyundai Motor India Limited (HMIL) has announced a leadership change, with Tarun Garg, a seasoned automobile industry veteran succeding Unsoo Kim.
This is the first time that Hyundai has appointed an Indian to the post of MD and CEO. Earlier, working as the Chief Operating Officer, Garg had joined Hyundai Motor in December 2019 as Director of Sales, Marketing and Service. In the past seven years, he has played a key role in strengthening Hyundai’s premium positioning, especially its SUV portfolio with its ever-popular Creta brand.
For Garg, this development comes at a challenging time, as Hyundai is now relegated to third place with a market share of 13%, much lower than the 17% it had in 2021. The brand has failed to capitalise on the increased preference for heavy-duty SUVs in the market, despite the Creta’s popularity. Homegrown automakers Tata Motors and M&M are now #1 and #2 in market share for passenger vehicles, leapfrogging others with their customised SUVs.
In May, the parent company sent a fact-finding team to understand why the company’s market share was declining, meeting all stakeholders to understand how the company could revive its fortunes.
According to a press release to the bourses, Tarun Garg has helped HMIL achieve ‘record breaking sales’ for three consecutive years along with the highest ever profitability and EBITDA margins for the company.
“It is an extraordinary honour to lead Hyundai Motor India at this defining moment in our three-decade long journey. My vision is to build on our strong foundation while accelerating HMIL’s transformation towards sustainable growth, technological leadership and unmatched customer delight. Aligned with Hyundai’s global vision of ‘Progress for Humanity,’ we will strengthen Hyundai’s legacy and create meaningful mobility solutions that not only empower people but also connect communities and enrich lives. The future is ours to build and I am committed to leading HMIL with agility, conviction and purpose.” Tarun Garg said as he assumes a challenging responsibility to revive HMIL’s fortunes.
