Hyundai Motor India Limited has informed the Exchange regarding a press release dated April 20, 2026, titled "Hyundai Motor and TVS Motor Formalize Partnership to Drive Electric Three-Wheeler Commercialization in India".
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Hyundai Motor India Limited informed the exchange about a Joint Development Agreement (JDA) signed between its holding company Hyundai Motor Company (Korea) and TVS Motor Company to develop and commercialize electric three-wheelers (E3W) for India's last-mile mobility. The partnership builds on an E3W concept showcased at the Bharat Mobility Global Expo 2025. Under the agreement, Hyundai Motor will lead design and co-development using its R&D expertise and human-centric design approach, while TVS Motor will contribute its electric platform, engineering expertise, and local market knowledge. TVS will also lead local sales and manufacturing in India, with major components sourced and manufactured locally within India. India is the world's largest three-wheeler market, and both companies have established dedicated cross-functional teams to accelerate development and regulatory approvals.
This partnership positions Hyundai Motor India to potentially participate in India's rapidly growing electric three-wheeler segment through its parent company's collaboration with TVS Motor, with benefits from TVS's local manufacturing, sales network, and market expertise.