TVS Motor Company has entered into a Joint Development Agreement (JDA) with Hyundai Motor Company to develop, manufacture, and commercialise electric micromobility three-wheelers. The agreement, signed on 20 April 2026, aims to address India’s last-mile mobility needs by leveraging the strengths of both companies.
The partnership follows the successful presentation of the Electric Three-Wheeler (E3W) concept at the Bharat Mobility Global Expo 2025. It marks a significant step towards providing tailored mobility solutions to Indian consumers and underscores both companies’ commitment to sustainable urban transportation.
Under the agreement, Hyundai Motor will lead the design and co-development of the E3W, utilising its research and development expertise, advanced mobility technologies, and human-centric design approach. TVS Motor will contribute its advanced electric platform, extensive three-wheeler engineering expertise, and deep local market knowledge.
Joongsun Ko, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor Company, stated, “Our collaboration with TVS Motor is a strategic decision to improve India’s transportation environment. We hope the co-developed E3W enables broader access to safer and more sustainable transportation across the country.”
The E3W will be engineered to meet India’s unique mobility challenges while delivering sustainable solutions aligned with local road conditions and urban infrastructure. TVS Motor will lead local sales, with its manufacturing operations in India catering to domestic market demand and future exports.
Sharad Mishra, President, Group Strategy, TVS Motor Company, commented, “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 combining our strengths, we are well-positioned to deliver purpose-built products for India and additional markets.”
Both companies are committed to delivering the first vehicle in India, the world’s largest three-wheeler market, as part of the JDA. A key aspect of this partnership is the localisation of component manufacturing for the E3W model’s production, which aims to strengthen India’s automotive supply chain ecosystem, create employment opportunities, reduce vehicle costs, and ensure rapid after-sales support.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).