Hyundai Motor India Ltd (HMIL) is set to make its mark in the electric last-mile mobility sector by potentially partnering with TVS Motor for the development of electric three-wheelers. The collaboration will see Hyundai leading the engineering and design aspects, while TVS Motor will handle local manufacturing under a contract agreement. This partnership could help Hyundai accelerate its entry into the electric vehicle market, especially in the rapidly growing electric three-wheeler and quadricycle space.
Hyundai’s plans also include sharing its micro-mobility vehicle architecture with TVS Motor, similar to the access TVS has to BMW’s vehicle architecture. This partnership would further support TVS’s own ambitions, as they are preparing to launch their own electric three-wheeler in 2025.
Additionally, Hyundai is looking to bring its app-based platform, Shucle, to India, which could complement its efforts in the electric last-mile mobility segment. Shucle, launched in South Korea in 2021, offers flexible ride-pooling services based on real-time demand, and could provide a significant boost to Hyundai’s efforts in India.
In the electric three-wheeler segment, companies like Mahindra & Mahindra, Bajaj Auto, and startups like AltiGreen and Euler have already made significant strides. The segment is witnessing robust growth, with electric vehicles accounting for a substantial portion of sales. The introduction of new electric models, backed by incentives and improved financing options, continues to drive this growth.
Hyundai’s strategic focus on last-mile electrification follows discussions between Hyundai’s Executive Chair, Euisun Chung, and Indian Prime Minister Narendra Modi. The meeting highlighted Hyundai’s commitment to working closely with India to shape the future of mobility, particularly in the electric vehicle sector. With the electric three-wheeler segment rapidly growing, Hyundai’s potential entry could help further push India towards zero-emission transportation solutions.
