Hyundai and TVS Motor formalised a Joint Development Agreement in Seoul and New Delhi on April 20th, 2026.

The partnership focuses on the development and commercialisation of electric three-wheeler vehicles for last-mile mobility in India and other markets.

Under the terms of the agreement, Hyundai will lead vehicle design and co-develop the product using its research and development capabilities and mobility technologies. 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, catering to domestic demand and potential export markets.

The partnership includes a commitment to sourcing and manufacturing major components locally in India.

According to the companies, this localisation strategy is intended to strengthen the automotive supply chain, create jobs, reduce 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 is expected to include features such as adaptive ground clearance for monsoon road conditions, thermal management systems, and configurable interior layouts for passenger transport, goods delivery, and emergency services. The first vehicle developed under this partnership will be launched in India, 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 jointly develop a three-wheeled vehicle. Following several rounds of discussions, the Joint Development Agreement was signed at the 2026 Korea-India Business Forum.