Hyundai Motor India Ltd is a wholly owned subsidiary of the Hyundai Motor Company headquartered in South Korea. It is the second largest automobile manufacturer with 15% market share as of 2022 and US$5.5 billion turn-over in India. For more than a decade till Hyundai arrived, Maruti Suzuki had a near monopoly over the passenger cars segment because Tata Motors and Mahindra & Mahindra were solely utility and commercial vehicle manufacturers, while Hindustan and Premier both built outdated and uncompetitive products.