Hyundai and TVS Motor Partner to Co-Develop Electric Three-Wheelers for Last-Mile Market

Hyundai Motor Company and TVS Motor Company on Monday signed a joint development agreement to co-develop and bring to market electric three-wheelers, in a bid to capture India's expanding last-mile mobility sector. The agreement builds on a concept the two companies jointly unveiled at the Bharat Mobility Global Expo 2025 and represents a concrete step in their shared ambition to grow in sustainable urban transport.

Under the arrangement, Hyundai Motor will lead design and co-development, drawing on its research and development resources and advanced mobility technologies. TVS Motor will contribute its electric vehicle (EV) platform and three-wheeler engineering expertise, and will be responsible for manufacturing and commercialisation. The Indian company will serve domestic demand initially while also exploring export opportunities.

"India is a key market for us, and we continue to explore ways to contribute to its evolving mobility ecosystem," Joongsun Ko, Senior Vice President for Corporate Strategy and Planning at Hyundai Motor Company, said in a statement.

"Through this collaboration, we aim to improve access to safe and sustainable transportation."

Both companies have setup dedicated cross-functional teams to speed up product development and work through the regulatory approvals.

“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," said Sharad Mishra, President, Group Strategy, TVS Motor Company.