Hyundai Motor (005380.KS) plans to roll out eco-friendly three-wheeled electric vehicles in the Indian market.
Hyundai Motor said Thursday that it has signed a memorandum of understanding to that effect with TVS Motor Company, an Indian motorcycle manufacturer.
Under the agreement, Hyundai Motor and TVS will jointly supply eco-friendly three-wheeled EVs. The deal formalizes a partnership that Hyundai Motor previewed last year when it attended India's Bharat Mobility Global Expo 2025, where it announced its cooperation with TVS. Hyundai Motor is expected to handle vehicle engineering, development and design, while TVS will take charge of local production and sales.
Industry observers expect strong market demand for three-wheeled EVs in India, given the country's heavy traffic and congested roads. Hyundai Motor plans to mass-produce a model tailored to local climate conditions, using paint that reduces thermal conductivity and waterproof materials to withstand heavy rainfall.
Hyundai Motor is accelerating its push into the Indian market by rolling out a series of locally tailored models. Through its local unit Hyundai Motor India (HMI), the company produces roughly 700,000 internal combustion and eco-friendly vehicles annually. Hyundai Motor plans to expand its product portfolio this year by adding the Bayon, a compact sport utility vehicle (SUV) tailored for India, to its production line.
