![At last year’s launch of the Ilexio—Hyundai’s strategic electric SUV for Chinese consumers—Oh Ik-gyun, vice president of Hyundai Motor’s China Region Headquarters, spoke. [Photo=Hyundai Motor Group]](https://contents-cdn.viewus.co.kr/image/2026/03/CP-2023-0070/image-9b7abf7e-6f51-4b9a-a8d4-7fc9ece294d8.jpeg)
Hyundai Motor is aiming for a rebound by aggressively rolling out new models in China and India, the world’s No. 1 and No. 3 auto markets. The move underscores the company’s determination not to abandon these key markets, but growing competition from local brands makes the outcome uncertain.
On the 22nd, Hyundai said CEO Jose Munoz told shareholders in a recent letter that the company aims to raise combined annual sales in China and India to 1,276,500 units by 2030 — 832,500 in India and 444,000 in China.
Against last year’s global sales of 7,270,000 units, that target would represent roughly 23%. In other words, Hyundai plans for about one in every four cars it sells worldwide to come from China or India. Given the two markets combined accounted for only 702,000 units last year, Hyundai needs about 82% growth to reach the goal.
Both countries remain indispensable markets, but slowing sales amid intensifying competition mean a new market strategy is urgent. China and India are the world’s first- and third-largest auto markets, respectively. Hyundai’s China sales fell from 181,993 in 2024 to 130,005 last year, while its India sales slipped from 607,934 to 571,878.
Hyundai plans to introduce 46 new models in China and India over the next five years — 2.6 times the 18 models it launched over the past five years. By year, it rolled out 6 models in 2021, 3 in 2022, 6 in 2023, 1 in 2024 and 2 in 2025.
Munoz said, “In China, under our ‘Made in China, for China, to the world’ strategy, we will launch 20 new models over five years,” and added, “In India, we plan to introduce 26 new models supported by an investment of USD 5 billion (approximately 6.67 trillion KRW) by 2030.”
Hyundai will press a localization-heavy strategy. In India, it will launch an electric SUV that will be planned, engineered and produced entirely locally. The company is also considering bringing its luxury Genesis brand to India. In China, Hyundai already introduced its first strategic electric SUV, the Ilexio, last year. An industry source said local EV brands dominate the Chinese market so strongly that Hyundai needs a new approach.
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