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Hyundai Motor Company and TVS Motor Company executed a Joint Development Agreement to co-develop eco-friendly electric three-wheelers for India. While imposing non-compete restrictions on Hyundai Motor India Limited, the agreement leverages complementary expertise in design and manufacturing. TVS will lead procurement and distribution for the new vehicle range.
Hyundai Motor Company (HMC) formalized a Joint Development Agreement with TVS Motor Company to develop electric three-wheelers for India. HMC will lead concept design and joint development, while TVS handles manufacturing and distribution. The partnership aims to leverage complementary expertise in eco-friendly mobility solutions without impacting Hyundai Motor India Ltd's management.
Hyundai Motor Company and TVS Motor Company signed a Joint Development Agreement to develop and commercialize electric three-wheelers for India. Hyundai will lead design and R&D, while TVS provides its electric platform and manufacturing expertise. The partnership focuses on sustainable last-mile mobility and local component sourcing to address India's unique urban transportation needs.