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SEOUL, April 21 (Yonhap) -- Hyundai Motor Co. said Tuesday it has signed an agreement with TVS Motor Company Ltd. of India to collaborate in developing an electric three-wheeler for the Indian market.
Under the joint development agreement signed in New Delhi on Monday (local time), Hyundai Motor will lead the design and joint development of the electric three-wheeler, leveraging its research and development (R&D) capabilities and human-centric design approach.
TVS Motor will co-develop the product using its electric vehicle (EV) platform and expertise in three-wheeler engineering, as well as its knowledge of the local market.
The partnership follows the unveiling of an electric three-wheeler concept at the Bharat Mobility Global Expo 2025 and marks a step toward commercializing customized mobility solutions for Indian consumers.
This photo provided by Hyundai Motor Co. shows a concept image of the company's electric three-wheeler to be developed jointly with TVS Motor Company Ltd. of India. (PHOTO NOT FOR SALE) (Yonhap)
According to Hyundai Motor, the vehicle will be designed to address India's unique mobility challenges, including road conditions and urban infrastructure, while offering sustainable transportation solutions.
The partnership was signed on the occasion of a bilateral summit held between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi on Monday.
"Hyundai Motor has long explored ways to contribute to improving India's transportation environment as a key market, and our collaboration with TVS Motor is a strategic decision rooted in that effort," said Ko Joong-sun, senior vice president of corporate strategy and planning at Hyundai Motor.
Sharad Mishra, president of group strategy at TVS Motor, said, "The collaboration reinforces our commitment to scalable, sustainable last-mile mobility while setting new benchmarks in technology, quality, customer experience and a legacy of trust."
odissy@yna.co.kr
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