• 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, South Korea & NEW DELHI--(BUSINESS WIRE)--Apr. 20, 2026-- 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.

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(L to R) Sharad Mishra, President, Group Strategy, TVS Motor Company; K.N. Radhakrishnan, Director and CEO, TVS Motor Company; Amitabh Lal Das, Chief Legal Officer of Hyundai Motor India Limited; Joongsun Ko, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor Company.

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.

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."

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Media contacts:
Ks.harini@tvsmotor.com
Sridipta.bhattacharjee@tvsmotor.com

Source: TVS Motor Company Ltd.