New delhi: Hyundai Motor Co. announced on Tuesday that it has entered into an agreement with India's TVS Motor Company Ltd. to jointly develop an electric three-wheeler tailored for the Indian market. The agreement was formalized in New Delhi on Monday.

According to Yonhap News Agency, under the joint development agreement, Hyundai Motor will spearhead the design and development of the electric three-wheeler, utilizing its research and development capabilities and human-centric design approach. TVS Motor will contribute by co-developing the vehicle, drawing on its electric vehicle platform, three-wheeler engineering expertise, and deep understanding of the local market.

The collaboration follows the introduction of an electric three-wheeler concept at the Bharat Mobility Global Expo 2025. This partnership represents a significant move toward offering customized mobility solutions for Indian consumers. Hyundai Motor indicated that the vehicle will be designed to meet India's specific mobility challenges, such as road conditions and urban infrastructure, while providing sustainable transportation options.

The agreement was signed during a bilateral summit between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi. Ko Joong-sun, senior vice president of corporate strategy and planning at Hyundai Motor, emphasized the strategic importance of the collaboration to enhance India's transportation environment. Sharad Mishra, president of group strategy at TVS Motor, highlighted the commitment to scalable, sustainable last-mile mobility and the aim to set new benchmarks in technology, quality, and customer experience.