Chairman Chung Eui-sun and Prime Minister Modi's 'Promise from 8 Years Ago' Bears Fruit... "Developing India-Specific Three-Wheeled EVs"
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- 2026-04-21 11:15:51
- Updated
- 2026-04-21 11:15:51
On the 20th, local time, Hyundai Motor Company signed a joint development agreement with TVS Motor Company, an Indian three-wheeler manufacturer, at Bharat Mandapam Convention Center in Delhi, India, to develop and commercialize three-wheeled EVs.
Under the agreement, the two companies aim to design vehicles tailored to India's road conditions and urban infrastructure, and ultimately provide a Last-Mile Solution that combines price competitiveness, sustainability and safety.
The newly developed Electric Three-Wheeler (E3W) will feature a futuristic exterior along with a wide range of safety and convenience features. Hyundai Motor Company expects it to deliver a differentiated mobility experience for Indian customers.
The two companies will also work together on a plan to source and produce key parts needed for mass production of the E3W in India, helping strengthen the country's auto parts ecosystem and create jobs. The move is also expected to reduce vehicle costs and enable faster parts supply and after-sales service response.
After strict driving tests, localization work and regulatory certification procedures, the companies plan to launch the E3W in India and explore the possibility of expanding into other major three-wheeler markets.
The agreement was signed in connection with the Korea-India Business Forum, which was attended by more than 600 government officials and business leaders from both countries, alongside President Lee Jae Myung's state visit to India.
Hyundai Motor Company said the agreement was the result of eight years of effort. The starting point was the rapport between Indian Prime Minister Narendra Modi and Hyundai Motor Group Chairman Chung Eui-sun, then vice chairman, at a business forum held in Delhi in 2018.
At the time, Modi stressed to Chung the need for safe and eco-friendly mobility solutions that could improve India's poor transportation environment. Deeply resonating with that message, Chung ordered a review of new mobility development optimized for the Indian market.
Hyundai Motor Company later moved ahead in earnest with the development of India-specific eco-friendly mobility. When Chung visited India for Hyundai Motor India Limited's IPO in 2024 and met Modi again, the two shared Hyundai's future vision and discussed the design direction of the new mobility in depth, reaffirming their commitment to strong cooperation.
At the Bharat Mobility Global Expo 2025 held in New Delhi in January last year, Hyundai Motor Company unveiled its India Micro Mobility Vision and presented concepts for three-wheeled and micro four-wheeled EVs, while also announcing its cooperation plan with TVS.
In the next stage of collaboration, Hyundai Motor Company will lead the vehicle's engineering and design based on its advanced mobility technology and human-centered design capabilities. TVS will oversee production, sales and after-sales service, drawing on its deep understanding of the Indian market and its expertise in three-wheeled electrification platform technology.
Ko Joong-seon, executive vice president in charge of management strategy at Hyundai Motor Company, said, "Hyundai has consistently sought ways to contribute to improving India's transportation environment, one of its key markets, and our collaboration with TVS is a strategic choice that grew out of that effort." He added, "We hope the E3W that the two companies will develop together will become a safer and more sustainable means of transportation for people in India."
Sharad Mohan Mishra, president in charge of strategy at TVS Motor Company, said, "By combining TVS's three-wheeled EV platform and deep understanding of Indian customer needs with Hyundai's expertise in human-centered design, we expect to introduce tailored products for India and other major markets."
eastcold@fnnews.com Kim Dong-chan Reporter