TVS Motor Company Ltd on Monday (April 20) has entered into a joint development agreement (JDA) with Hyundai Motor Company Ltd for the development, manufacturing, and commercialisation of electric micromobility three-wheelers in India and other markets.
The agreement was signed on April 20, 2026, and follows the presentation of the electric three-wheeler concept at the Bharat Mobility Global Expo 2025. Under the arrangement, Hyundai Motor will lead the concept design of the products, while both companies will jointly develop the electric three-wheelers. Each party will lead development phases assigned under the agreement.
TVS Motor will have the worldwide exclusive right to manufacture the products. It will also hold exclusive rights to sell and distribute the products in India and other agreed territories. Hyundai Motor will have exclusive rights to sell and distribute the products in Korea and other agreed markets.
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The scope of the agreement includes design and development, manufacturing, marketing, sales, and distribution of the electric micromobility three-wheelers.
The agreement provides for per-unit mutually-agreed royalties for TVS Motor on sales of products in India and other territories where it holds sales rights. Hyundai Motor will receive mutually-agreed compensation and royalties for sales in Korea and other territories where it holds sales rights.
The JDA does not have a fixed term and will continue until termination. Hyundai Motor’s consolidated revenue for the year ended December 31, 2025, stood at 186,254,472 million Korean won.
The companies said the collaboration combines Hyundai Motor’s design and technology capabilities with TVS Motor’s engineering expertise, manufacturing strength, and distribution network in India and emerging markets. It aims to develop and commercialise electric three-wheelers for last-mile mobility applications.
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Hyundai Motor will also lead human-centric design elements, while TVS Motor will leverage its electric three-wheeler platform and local market understanding. Manufacturing in India will cater to domestic demand and exports, with localisation of key components planned.
The electric three-wheeler is being designed for India’s mobility requirements, including adaptive ground clearance, safety features, ergonomic design, thermal management for tropical conditions, and flexible interior configurations for passenger transport, goods delivery, and emergency services.
Both companies have established dedicated cross-functional teams to accelerate development timelines and the regulatory approval processes.
Shares of TVS Motor Company Ltd ended at ₹3,764.45, up by ₹20.85, or 0.56%, on the BSE today, April 20.
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