Big bet in EV market: Hyundai and TVS will jointly make new electric auto, cost will be less

New Delhi. Hyundai Motor Company and TVS Motor Company have signed an important agreement to promote electric mobility in India. Both the companies have signed a Joint Development Agreement (JDA) to jointly develop and launch electric three-wheelers in the market. The focus of this partnership will be especially on the last-mile transport segment of India, where the demand for electric vehicles is increasing rapidly.

Preparations were going on for a long time
In 2018, at the India-Korea Business Forum, Prime Minister Narendra Modi and Hyundai Motor Group Executive Chairman Yuisun Chung together discussed the possibility of making a good quality three-wheeler. This idea progressed through subsequent discussions and has now culminated in the signing of the JDA at the 2026 Korea-India Business Forum. It is clear from this that both the companies were serious about this project for a long time.

Design as per Indian needs
The concept which was presented at the Bharat Mobility Global Expo last year, has kept Indian roads and weather in mind. This includes features like adaptive ground clearance for bad roads, more safety features and better thermal management for hot weather. Apart from this, it can be used as per both passenger and cargo needs.

whose role will be what?
In this partnership, Hyundai will handle the responsibility of design and product development. TVS will use its engineering capabilities, electric platform and understanding of the Indian market. TVS will also handle the production and sales work in India. This will enable better use of the strengths of both the companies.

EV three-wheeler market is growing rapidly
The demand for electric three-wheelers is increasing rapidly in India. This segment saw a huge jump in sales in FY26 and it became a major part of the total three-wheeler sales. TVS has also established its strong presence in this market through models like King EV Max and King Kargo HD EV. It is clear that this partnership has been done at the right time.

New employment and export opportunities
In this project, special emphasis will be given on local manufacturing, which will reduce costs and create new employment opportunities. Besides, there are plans to export these vehicles to other countries in the future. Experts believe that this partnership can take electric mobility to new heights in India and make last-mile transport more affordable, safe and environment-friendly.