New Delhi: Hyundai Motor Company and TVS Motor Company on Monday said they have signed a joint development agreement to advance the development and commercialisation of electric three-wheeler solutions designed specifically to address India's last-mile mobility needs.
Under the agreement, Hyundai Motor will lead the design of and co-develop the electric three-wheeler (E3W) by leveraging its research and development expertise, advanced mobility technologies and human-centric design approach, the two companies said in a joint statement.
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On the other hand, TVS Motor will co-develop the product using its leading-edge electric platform, extensive three-wheeler engineering expertise and deep local market knowledge, the statement said.
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, it added.
The partnership has been formalised after the successful presentation of the E3W concept at the Bharat Mobility Global Expo 2025, the statement said.
Commenting on the development, Hyundai Motor Company Senior Vice President of Corporate Strategy & Planning Joongsun Ko said, "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."
He further said, "We hope the co-developed E3W enables broader access to safer and more sustainable transportation for people across the country."
TVS Motor Company President, Group Strategy, Sharad Mishra, said, "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."
He further said, "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."
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Noting that they are committed to delivering the first vehicle in India - the world's largest three-wheeler market, the two firms said, "A cornerstone of this partnership is the commitment to localise component manufacturing for the E3W model's production."
The two companies said major components will be sourced and manufactured locally within India.
This strategic approach serves multiple objectives, including strengthening India's automotive supply chain ecosystem, creating employment opportunities, reducing overall vehicle costs and ensuring rapid after-sales support and spare parts availability for end customers, the statement said.
Under the agreement, Hyundai Motor will lead the design of and co-develop the electric three-wheeler (E3W) by leveraging its research and development expertise, advanced mobility technologies and human-centric design approach, the two companies said in a joint statement.
Also Read: Labour union of Hyundai Motor demands 30% company's net profit as performance bonuses
On the other hand, TVS Motor will co-develop the product using its leading-edge electric platform, extensive three-wheeler engineering expertise and deep local market knowledge, the statement said.
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, it added.
The partnership has been formalised after the successful presentation of the E3W concept at the Bharat Mobility Global Expo 2025, the statement said.
Commenting on the development, Hyundai Motor Company Senior Vice President of Corporate Strategy & Planning Joongsun Ko said, "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."
He further said, "We hope the co-developed E3W enables broader access to safer and more sustainable transportation for people across the country."
TVS Motor Company President, Group Strategy, Sharad Mishra, said, "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."
He further said, "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."
Also Read: Hyundai Venue Knight Edition launched in India: Price, features, variants and engine details
Noting that they are committed to delivering the first vehicle in India - the world's largest three-wheeler market, the two firms said, "A cornerstone of this partnership is the commitment to localise component manufacturing for the E3W model's production."
The two companies said major components will be sourced and manufactured locally within India.
This strategic approach serves multiple objectives, including strengthening India's automotive supply chain ecosystem, creating employment opportunities, reducing overall vehicle costs and ensuring rapid after-sales support and spare parts availability for end customers, the statement said.
