Hyundai Motor India Limited (HMIL) has announced that Tarun Garg will take over as Managing Director and Chief Executive Officer effective 1 January 2026, following the decision by incumbent Unsoo Kim to step down and return to a strategic role in South Korea.
The board of HMIL approved Garg’s appointment at a meeting held on 14 October 2025, according to regulatory disclosures.
Until that date, Garg will serve as MD & CEO‐designate while shadowing Kim in the transition. The successor appointment remains subject to shareholder approval.
Unsoo Kim, who has helmed Hyundai India since 2022, will formally relinquish his position on 31 December 2025 and assume a strategic assignment at Hyundai Motor Company in South Korea.
During his tenure in India, Kim oversaw landmark developments including Hyundai India’s initial public offering in 2024 — India’s biggest IPO to date.
Tarun Garg becomes the first Indian national to lead Hyundai’s Indian operations.
A mechanical engineer by training and an MBA from IIM Lucknow, Garg joined Hyundai India in December 2019 as Director (Sales, Marketing & Service) and was elevated to Chief Operating Officer in January 2023.
Before Hyundai, Garg spent over two decades at Maruti Suzuki India, rising to the role of Executive Director (Marketing). Within Hyundai, his contributions include the rollout of Advanced Driver Assistance Systems (ADAS) across multiple models and efforts to improve sales quality, control incentives, and expand margins.
Alongside the leadership change, Hyundai India also disclosed a major investment plan of ₹450 billion (about US$5.07 billion) by fiscal 2030 to expand capacity and strengthen research and development efforts.
Around 60 percent of the allocation is planned for R&D, with the balance directed at product upgrades and capacity enhancement.
The company is targeting EBITDA (core earnings) margins of 11 to 14 percent and a compounded annual domestic sales growth rate of approximately 7 percent over the next five years.
Also Read: Citi India Appoints Srini Kannan to Lead Key Sectors at Commercial Bank