Hyundai and TVS will join hands to kill Bajaj Auto

New Delhi. Hyundai India and TVS Motor are planning to jointly make an electric three-wheeler. This new electric three-wheeler will be manufactured by TVS, while the responsibility for its design and engineering will be on Hyundai. Hyundai is keen to establish its presence in the rapidly growing last-mile mobility segment in India. To fulfill this desire, she is now in talks to partner with TVS. However, both the companies have not yet officially given any information on this partnership.

Talks between the two brands focus on a potential partnership, where TVS will locally manufacture this electric three-wheeler under a contract manufacturing agreement. Hyundai’s micro-mobility vehicle architecture will also be shared with TVS. Hyundai is planning to showcase its Creta EV and other models as last-mile mobility concept at the upcoming Bharat Mobility Global Expo. At the same time, TVS is also planning to enter this field. The company is preparing to launch its own electric three-wheeler in 2025.

Also read- 0-100 KMPH speed will be achieved in 8 seconds, 473 km range, Hyundai unveils Creta EV

The doors will open for Shucle’s entry
If Hyundai launches electric three wheeler in the Indian market in collaboration with TVS, then Hyundai will get an opportunity to launch its app-based platform, Shucle in India. In March 2021, Hyundai Motor Group launched a demand-responsive ride-pooling service called Shucle. The service is developed by Hyundai’s AI Research Lab and provides flexible routing based on real-time demand to solve local transportation challenges in Sejong City, South Korea.

EV three-wheelers are growing rapidly
The demand for electric three-wheelers is increasing rapidly in India. Every second three-wheeler sold in India is electric. This segment includes passenger-transport rickshaws and cargo-delivery models. In January-November 2024, the growth of this segment was 20% and a total of 631,855 units were sold. As far as the last-mile mobility segment is concerned, Mahindra is currently the market leader with more than 40% share. Bajaj Auto is also expanding rapidly in this area. Startups like Ultigreen and Euler are also trying hard to increase their market share.

Tag: auto news, electric vehicle