South Korea’s Hyundai Motor Company and TVS Motor Company, one of India’s largest three-wheeler manufacturers, have signed a joint development agreement to advance the development and commercialisation of electric three-wheeler (E3W) solutions for last-mile mobility in India.
The formal partnership follows the presentation of advanced E3W and micro four-wheeler concept models at the Bharat Mobility Global Expo 2025 held in January.
Under the agreement, Hyundai Motor will lead the design and co-develop the E3W by leveraging its research and development capabilities and advanced mobility technologies. TVS Motor, on the other hand, will co-develop the product on its electric platform, drawing on its three-wheeler engineering expertise and local market knowledge.
TVS will also lead local sales, with its manufacturing operations in India catering to domestic demand as well as future exports.
What did senior VP of corporate strategy at Hyundai say?
Joongsun Ko, senior vice president of corporate strategy & planning at Hyundai Motor Company, said the collaboration with TVS Motor in India is a strategic decision. “We hope the co-developed E3W enables broader access to safer and more sustainable transportation for people across the country.”
Both companies are targeting the launch of the first vehicle in India, the world’s largest three-wheeler market. A significant portion of components will be sourced and manufactured locally. Hyundai Motor said this approach will help strengthen India’s automotive supply chain ecosystem, create employment opportunities, reduce overall vehicle costs, and ensure faster after-sales support and spare parts availability.
Sharad Mishra, president, group strategy, TVS Motor Company, said, “We are well-positioned to deliver purpose-built products for India and additional markets.”
The E3W concept unveiled at the Bharat Mobility Global Expo 2025 highlighted features tailored to Indian conditions, including adaptive ground clearance for monsoon-affected roads, enhanced safety features, ergonomic design for extended commutes, improved thermal management for tropical climates, and flexible interior configurations for multiple use cases such as passenger transport, goods delivery, and emergency services.
The latest agreement formalises the transition from concept stage to product development and mass production. “The vehicle will undergo rigorous testing, localisation refinement and certification processes to meet Indian regulatory standards and customer expectations,” the company said.
The announcement came after market hours, with shares of TVS Motor closing 1% higher on the NSE at ₹3,767.