Hyundai Strengthens Indian Footprint with TVS Motor Partnership for Electric Three-Wheelers, Driven by Chung Euisun’s Vision
Hyundai Motor Company, a global automotive leader, has joined forces with TVS Motor Company, a prominent Indian motorcycle manufacturer, to collaboratively develop and introduce electric three-wheelers (E3Ws) specifically for the vibrant Indian market. This strategic alliance represents a significant advancement in Hyundai’s localized and sustainable mobility initiatives within India.
Hyundai Motor formally announced the signing of this joint development agreement with TVS Motor Company on Monday, held at the prestigious Bharat Mandapam Convention Center in New Delhi.
Under the terms of this pivotal agreement, Hyundai Motor will leverage its cutting-edge mobility technologies to spearhead the engineering and design aspects of the electric three-wheeler (E3W). Concurrently, TVS Motor Company will take charge of manufacturing, comprehensive sales operations, and dedicated after-sales service, combining strengths for a robust market presence.
Recognizing India as the world’s largest market for three-wheelers – essential for urban logistics and efficient short-distance transportation – both companies have set an ambitious production target of approximately 430,000 units by 2037. This initiative aims to electrify a crucial segment of India’s transport infrastructure.
This landmark agreement coincided with President Lee Jae Myung’s visit to India for a summit with Prime Minister Narendra Modi, underscoring deepening bilateral economic ties and a pledge to significantly boost trade. Hyundai Motor Group Executive Chair Chung Euisun, a key member of the accompanying business delegation, further emphasized Hyundai’s commitment during a state luncheon hosted by PM Modi. Chung outlined plans to finalize an integrated R&D center in India by 2028 and extended a personal invitation to PM Modi for the upcoming opening of Hyundai’s third plant. This collaboration with TVS Motor is a direct outcome of a shared vision between Chung Euisun and Prime Minister Modi, aiming to foster India-specific green mobility solutions. The foundation for this ambitious project was laid in 2018 when then-Vice Chair Chung met PM Modi at the Korea-India Business Forum. PM Modi had articulated the critical need for safe and eco-friendly transportation to address India’s unique traffic and logistical challenges. In response, Chung initiated a comprehensive review of innovative mobility solutions tailored for the Indian landscape. Hyundai has since consistently driven efforts to develop sustainable mobility options for India. Momentum intensified in 2024 with Chung’s visit for the record-breaking Initial Public Offering of Hyundai Motor India, which successfully raised $3.3 billion. During this visit, Chung re-engaged with PM Modi, sharing Hyundai’s forward-looking mobility vision and deliberating on future vehicle designs. Last year, Hyundai publicly showcased concept models of an electric three-wheeler and a micro four-wheeler at the Bharat Mobility Global Expo, concurrently announcing its intention to partner with TVS.
“Hyundai Motor Company has consistently sought avenues to enhance India’s transportation environment, recognizing it as a pivotal global market. Our strategic collaboration with TVS Motor is fundamentally driven by this long-standing commitment,” stated Ko Joong-sun, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor. He added, “We are confident that this jointly developed E3W will significantly expand access to safer and more sustainable transportation solutions for communities nationwide.”
“This Joint Development Agreement signifies a crucial milestone in our collaboration with Hyundai Motor Company, propelling forward our mutual aspiration to innovate electric three-wheeler solutions,” remarked Sharad Mishra, President of Group Strategy at TVS Motor Company. “By synergizing our complementary strengths, including TVS’s established electric three-wheeler platform, extensive engineering expertise, and profound understanding of customer demands, we are exceptionally well-prepared to deliver purpose-built, high-quality products for both the Indian market and potential global expansions.”
Furthermore, both Hyundai and TVS Motor are committed to localizing the sourcing and manufacturing of essential components within India. This initiative is poised to significantly bolster the nation’s automotive supply chain, foster economic growth, and generate valuable employment opportunities. Following the successful launch of the E3W in India, the partnership intends to explore strategic expansion into other international markets with high demand for three-wheeler mobility solutions.
India holds immense strategic importance for Hyundai, serving not only as a crucial market but also as a vital global production hub for the South Korean automotive powerhouse. Last year, Hyundai reaffirmed its commitment by announcing a substantial investment of $5.1 billion in India by 2030, alongside plans to introduce 26 new models. Additionally, the company is positioning India as a pivotal global export hub, aiming for the country to contribute 30 percent of its total global exports.
