Hyundai Motor Company and TVS Motor Company Ltd have signed a Joint Development Agreement to advance the development and commercialization of innovative Electric Three-Wheelers in India and related markets.

Cyril Amarchand Mangaldas acted on this joint development agreement between Hyundai & TVS.

The transaction team was led by Bhargav Joshi (Partner), with assistance from Associates Saumya Sharma, Ayushi Agarwal, Arushi Kankariya, Harshitha Swarna, and Karan Anand, Associates.

SR Patnaik (Partner, Head - Taxation), with support from Thangadurai V.P (Principal Associate), Shivam Garg (Principal Associate), advised on taxation aspects of the transaction.

Avaantika Kakkar (Partner, Head - Competition), with support from Vanya Agarwal (Associate), advised on competition law aspects of the transaction.

Swati Sharma (Partner, Head - Intellectual Property), with support from Sandeep Pandey (Principal Associate), advised on intellectual property aspects of the transaction.

The partnership was formalized following the successful presentation of the E3W concept at the Bharat Mobility Global Expo 2025.

Under the agreement, Hyundai will take the lead in designing and co-developing the E3W by utilizing its research and development capabilities, cutting-edge mobility technologies, and a human-centered design philosophy.

TVS will collaborate on the product development by contributing its advanced electric platform, extensive expertise in three-wheeler engineering, and thorough understanding of the local market. Additionally, TVS will spearhead local sales, with its manufacturing facilities in India serving the domestic market and supporting future exports.

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