·
Hyundai Motor Company and TVS
Motor Company sign Joint Development Agreement to deliver and commercialize
electric three-wheelers in India and additional markets
·
Products to be jointly
developed by both companies, combining electric mobility expertise and deep
understanding of customers’ needs
·
Both companies will share
engineering expertise, incorporating Hyundai Motor’s human-centric design
approach and TVS Motor’s advanced electric three-wheeler platform
SEOUL/NEW
DELHI – Hyundai Motor Company
(Hyundai Motor) and TVS Motor Company Ltd. (TVS Motor) have signed a Joint
Development Agreement (JDA) to advance the development and commercialization of
innovative Electric Three-Wheeler (E3W) solutions designed specifically to address
India's last-mile mobility needs.
The
partnership formalized following the successful presentation of the E3W
concept at the Bharat Mobility Global Expo 2025,
represents a significant step towards bringing tailored mobility solutions to
Indian consumers and reinforces both companies' commitment to sustainable urban
transportation.
Under
the agreement, Hyundai Motor will lead the design of and co-develop the E3W by
leveraging its research and development expertise, advanced mobility
technologies and human-centric design approach.
“Hyundai
Motor Company has long explored ways to contribute to improving India’s
transportation environment as a key market, and our collaboration with TVS
Motor is a strategic decision rooted in that effort. We hope the co-developed
E3W enables broader access to safer and more sustainable transportation for
people across the country.” – Joongsun
Ko, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor
Company.
The
E3W will be engineered to address India's unique mobility challenges while
delivering sustainable solutions aligned with local road conditions and urban
infrastructure.
TVS
Motor will co-develop the product using its leading-edge electric platform,
extensive three-wheeler engineering expertise and deep local market knowledge. Leveraging
its long legacy of trust and quality focus, TVS will also lead local sales,
with its manufacturing operations in India catering to Indian market demand and
future exports.
Commenting on the development, Sharad Mishra, President, Group
Strategy, TVS Motor Company, said, “At TVS Motor Company, we aim to
transform quality of life through sustainable and accessible mobility. The
Joint Development Agreement marks an important step in our partnership with
Hyundai Motor Company and advances our shared ambition to develop electric
three-wheeler solutions. By bringing together complementary
strengths - including our electric three-wheeler platform, engineering
expertise, and deep understanding of customer needs - we are well-positioned to
deliver purpose-built products for India and additional markets. This
collaboration reinforces our commitment to scalable, sustainable last-mile
mobility while setting new benchmarks in technology, quality, customer
experience, and a legacy of trust."
Both
companies are committed to delivering the first vehicle in India - the world’s
largest three-wheeler market - as part of the JDA marking a significant
milestone in sustainable last‑mile mobility innovation.
A
cornerstone of this partnership is the commitment to localize component
manufacturing for the E3W model’s production. Major components will be sourced
and manufactured locally within India. This strategic approach serves multiple
objectives: it strengthens India's automotive supply chain ecosystem, creates
employment opportunities, reduces overall vehicle costs and ensures rapid
after-sales support and spare parts availability for end customers.
From
Concept to Reality
The
E3W concept unveiled at Bharat Mobility Global Expo 2025 showcased innovative
features tailored to Indian mobility challenges. These include adaptive ground
clearance for monsoon-affected roads, enhanced safety features, ergonomic
design for extended commutes, enhanced thermal management for tropical climates
and flexible interior configurations for multiple use cases – from passenger
transport to goods delivery and emergency services.
The
agreement formalizes the transition from concept exploration to concrete
product development and mass production. The vehicle will undergo rigorous
testing, localization refinement and certification processes to meet Indian
regulatory standards and customer expectations.
Hyundai
Motor's vision of "Progress for Humanity" extends to reimagining
mobility solutions for emerging markets. By combining the company’s global
engineering excellence with TVS Motor's unparalleled understanding of electric
mobility and Indian customers, this partnership is positioned to deliver an E3W
offering that balances technology, affordability, sustainability and safety.
Aligned with TVS Motor’s vision of transforming quality of life across the
world through mobility solutions that are exciting, responsible, sustainable
and safe, this product is set to drive the change that the India of tomorrow
needs.
Both
companies have established dedicated cross-functional teams to accelerate
development timelines and the regulatory approval processes.