Hyundai And TVS Motor Formalize Agreement To Co-Develop Electric Three-Wheelers

Hyundai Motor Company and TVS Motor Company formalized a Joint Development Agreement in Seoul and New Delhi on April 20, 2026. The partnership focuses on the development and commercialization of electric three-wheeler vehicles designed for last-mile mobility in India and additional markets.

Under the terms of the agreement, Hyundai will lead the vehicle design and co-develop the product by utilizing its research and development capabilities, mobility technologies, and human-centric design approach. TVS Motor will co-develop the vehicle using its electric platform and engineering expertise. TVS will also manage local sales and manufacturing operations in India, which will cater to domestic demand and future export markets.

The partnership commits to sourcing and manufacturing major components locally in India. According to the companies, this localization strategy is intended to strengthen the automotive supply chain, create jobs, lower overall vehicle costs, and improve after-sales support and spare parts availability.

The formal agreement follows the showcase of an electric three-wheeler concept by both companies at the Bharat Mobility Global Expo 2025. The production vehicle will include features such as adaptive ground clearance for monsoon road conditions, enhanced thermal management, and flexible interior layouts for passenger transport, goods delivery, and emergency services. The first vehicle developed under this partnership will be launched in India, which is recognized as the world's largest three-wheeler market.

At the India-Korea Business Forum in 2018, Indian Prime Minister Narendra Modi and the Hyundai Motor Group Executive Chair discussed a plan to develop a quality three-wheeled vehicle together. Following several rounds of discussion, the initiative finally came to fruition with the signing of the JDA today at the 2026 Korea-India Business Forum.