Korean auto giant Hyundai Motor Company (Hyundai Motor) and India’s TVS Motor Company (TVS Motor) have signed a Joint Development Agreement (JDA) to advance the development and commercialisation of electric three-wheelers (e3W).
The two companies had announced a partnership at the Bharat Mobility Global Expo 2025 to enter India’s growing last-mile mobility market while unveiling concept models of electric three-wheelers and micro four-wheelers.
Under the agreement, Hyundai will lead the design and co-develop the e3W by leveraging its research and development expertise and mobility technologies.
TVS Motor will co-develop the product using its electric platform, extensive three-wheeler engineering expertise and local market knowledge.
TVS will also lead local sales, with its manufacturing operations in India catering to the local demand and future exports.
Sharad Mishra, President, Group Strategy, TVS Motor Company, said that the Joint Development Agreement marks an important step in their partnership with Hyundai and advances the 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,” added Mishra.
The two companies, in a joint press statement, said that they are committed to delivering the first vehicle in India - the world’s largest three-wheeler market - as part of the JDA, marking a significant milestone in sustainable last‑mile mobility innovation.
The statement, however, did not mention the development of micro four-wheelers.
As per registration data on the government's Vahan portal, 830,819 units of electric three-wheelers were delivered to customers in FY2026, a growth of 19% year-on-year.
“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,” said Joongsun Ko, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor Company.