Hyundai In Talks with TVS Motor To Develop Electric Three-Wheelers

As per news reports, Hyundai India is reportedly in discussions with TVS Motor to collaborate on the development of an electric three-wheeler, aiming to tap into India’s growing last-mile mobility market. The partnership could see TVS handle the local manufacturing, while Hyundai focuses on design and engineering, marking a significant step for Hyundai into the electric vehicle sector in India.

Hyundai and TVS to Develop Electric Three-Wheelers

As per news reports, Hyundai India is in discussions with TVS Motor to jointly develop a new electric three-wheeler. According to Autocar Professional, this potential partnership will involve TVS handling local manufacturing under a contract manufacturing agreement, while Hyundai focuses on design and engineering. This move could mark Hyundai’s debut in India’s rapidly growing last-mile mobility market, aligning with its global push towards zero-emission vehicles.

The collaboration might also include Hyundai sharing its micro-mobility vehicle architecture with TVS, similar to TVS’s access to BMW’s architecture through their existing partnership. However, neither Hyundai nor TVS has officially confirmed the reports. If materialised, the partnership could revolutionise the electric three-wheeler segment in India, which is dominated by players like Mahindra, Bajaj Auto, and Ola Electric.

Hyundai’s Shucle Platform and TVS’s Ambitious Plans

Reports also suggest that Hyundai is planning to introduce its ride-pooling platform, Shucle, in India. Launched in South Korea in 2021, Shucle uses Artificial Intelligence to provide demand-responsive shuttle services with flexible routing on the basis of real-time data. 

Meanwhile, TVS is reportedly preparing to launch its own electric three-wheeler in 2025, signalling its growing interest in the last-mile mobility space. 

Hyundai and TVS Share Performance

As of January 06, 2025, 3:25 PM, the shares of Hyundai Motor were trading at ₹1,802 with a decline of 1.4% from its previous day’s closing price, and the shares of TVS Motors were trading at ₹2,411.00 with a decline of 2.90% from its previous day’s closing price. 

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