Hyundai Motor (005380.KS) and TVS Motor (532343) have signed a Joint Development Agreement to advance the development and commercialization of Electric Three-Wheeler solutions in India and additional markets. Hyundai Motor will lead the design of and co-develop the E3W by leveraging its research and development expertise, advanced mobility technologies and human-centric design approach.
TVS Motor will co-develop the product using its electric platform, three-wheeler engineering expertise and local market knowledge. TVS will also lead local sales, with its manufacturing operations in India catering to Indian market demand and future exports.
Hyundai Motor shares are trading at 5,37,000 won, up 1.90%.
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