Hyundai Motor Group will pursue strategic collaboration with a local company to launch a three-wheeled electric vehicle (E3V) tailored to the Indian market. The three-wheeler, commonly called a tuk-tuk, is a representative livelihood tool and means of transportation for ordinary people in India.
Hyundai Motor said on the 20th (local time) that it signed a joint development agreement (JDA) for the "development and commercialization of a three-wheeled electric vehicle (EV)" with TVS Motor Company (TVS), a local three-wheeler manufacturer, at the Bharat Mandapam Convention Center in Delhi, India. Hyundai Motor and TVS plan to jointly develop a vehicle suited to India's road conditions and urban infrastructure to supply transportation with price competitiveness, sustainability and safety.
The agreement, which began with rapport at the Korea-India Business Forum held in Delhi in 2018, came to fruition after eight years. Hyundai Motor will lead vehicle engineering and design based on advanced technology and human-centered design capabilities. TVS will handle production, sales and after-sales service based on its understanding of the Indian market and experience with three-wheeler electrification platforms.
Hyundai Motor and TVS plan to cooperate during development to shorten timelines and to enter other markets.
Ko Jung-seon, executive vice president in charge of corporate strategy at Hyundai Motor, said, "Hyundai Motor has consistently sought ways to help improve transportation in the key market of India, and the collaboration with TVS is a strategic choice born of that effort," adding, "We hope the three-wheeled EV to be jointly developed by the two companies will take root as a safer and more sustainable means of mobility for the people of India."