Hyundai Motor Company (Hyundai) and (TVS Motor) are partnering to capture a share of the growing electric three-wheeler market.
Hyundai and TVS Motor on Monday signed a Joint Development Agreement (JDA) to advance the development and commercialisation of Electric Three-Wheeler (E3W) 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 E3W by leveraging its R&D expertise, advanced mobility technologies and human-centric design approach, the companies said in a joint statement.
TVS Motor will co-develop the product using its leading-edge electric platform, extensive three-wheeler engineering expertise and deep local market knowledge.
TVS will also lead local sales, with its manufacturing operations in India catering to Indian market demand and future exports, as per the companies.
Strategic decision
“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, said in a statement
Sharad Mishra, President, Group Strategy, TVS Motor Company, said: “The JDA 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 E3W platform, engineering expertise, and deep understanding of customer needs, we are well-positioned to deliver purpose-built products for India and additional markets.”
The partnership was formalised following the successful presentation of the E3W concept at the Bharat Mobility Global Expo 2025, the companies said.
Both companies have established dedicated cross-functional teams to accelerate development timelines and the regulatory approval processes, the release said.
TVS’s E3W offerings are TVS King EV Max (passenger) and King Kargo EV (cargo).
At the India-Korea Business Forum in 2018, Prime Minister Modi and the HMG Executive Chair discussed a plan a to develop a quality three-wheeled vehicle together. Following several rounds of discussion stemming from that initial promise, and backed by the research and development efforts of Hyundai’s R&D, the initiative finally came to fruition with the signing of a JDA (Joint Development Agreement) today at the 2026 Korea-India Business Forum.