New Delhi, Aug. 4 -- Hyundai Motor India Ltd (HMIL) has admitted that a slower pace of new model launches, facelifts and upgrades than its rivals hurt its domestic performance, in a rare acknowledgement as it battles market share losses to homegrown Mahindra & Mahindra and Tata Motors Passenger Vehicles.

In its latest annual report, the company acknowledged its weak performance in financial year 2025-26 (FY26), slipping to fourth place in the sales rankings after 16 years as India's second-largest carmaker behind Maruti Suzuki.

"While domestic sales noted a decline due to lower product enhancement activity compared to competitors, our Company noted around 16.4% growth in its export sales volume," Hyundai Motor India said in its manageme...