Hyundai electric vehicle

Hyundai Motor India and TVS Motor Company are reportedly planning to enter the electric 3-wheeler market in India. The two companies are in talks to jointly develop an electric 3-wheeler, with Hyundai handling the design and engineering, and TVS manufacturing the vehicle under a contract manufacturing agreement. Hyundai TVS Partnership Potential The potential partnership comes as the electric 3-wheeler segment in India is experiencing rapid growth. Between January and November 2024, sales of electric 3-wheelers reached 631,855 units, registering a 20% growth. Hyundai and TVS aim to capitalize on this trend by offering a reliable and efficient electric 3-wheeler for urban transportation. The collaboration is expected to be showcased at the upcoming Bharat Mobility Expo, where Hyundai plans to present its last-mile mobility concept. The electric 3-wheeler will be designed to cater to the needs of last-mile connectivity, providing a sustainable solution for short-distance travel in congested urban areas. Market Strategy Hyundai's entry into the electric 3-wheeler market is part of its broader strategy to accelerate the transition to zero-emission vehicles in India. The company's Executive Chairman, Chung Eui-sun, recently met with Prime Minister Narendra Modi to discuss ways to develop the mobility industry in India. This partnership with TVS is a step towards achieving that goal. TVS Motor Company, known for its expertise in two-wheelers, is also keen to expand its presence in the electric vehicle segment. The company has been eyeing the electric last-mile mobility space and plans to launch its own electric 3-wheeler in 2025. By partnering with Hyundai, TVS can leverage the South Korean automaker's experience in electric vehicle technology to create a competitive product. The electric 3-wheeler market in India is highly competitive, with major players like Mahindra & Mahindra, Bajaj Auto, Ola Electric, and Hero MotoCorp already offering or developing electric 3-wheelers. Hyundai and TVS will need to differentiate their product to capture market share. The collaboration is expected to bring together Hyundai's advanced technology and TVS's manufacturing capabilities, resulting in a high-quality and affordable electric 3-wheeler. Also Read: New Hyundai cars launching in India in 2025

Hyundai electric vehicle

Hyundai & TVS plan to launch electric 3-wheeler in India?

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