New Step in the EV Sector; Hyundai and TVS Sign Strategic Partnership Agreement

South Korean automotive giant Hyundai Motor Company has entered into a strategic partnership with Indian automobile manufacturer TVS Motor Company. Under the agreement announced on Monday, the two companies will jointly develop electric three-wheelers, manufacture them in India and market them across India as well as other emerging markets.

As part of the collaboration, Hyundai Motor will contribute its research and development expertise, advanced mobility technologies, and human-centric design approach to lead the design of electric three-wheelers. The company will also play a key role in the overall product development process.

Meanwhile, TVS Motor will provide its electric three-wheeler platform, engineering expertise and deep understanding of the local market. In addition, TVS will take charge of manufacturing, sales and future export operations. TVS already has a presence in the electric three-wheeler segment with passenger vehicle model King EV Max and cargo model King Cargo HD EV, both of which are currently being sold in the domestic market.