HMIL Promoter HMC & TVS Partner for Electric 3-Wheelers in India
Hyundai Motor India Ltd (HMIL) has disclosed details regarding a Joint Development Agreement (JDA) between its promoter, Hyundai Motor Company (HMC), and TVS Motor Company Limited. The partnership, formalized on April 20, 2026, aims to develop safer and eco-friendly electric three-wheelers for India and additional markets. HMC will lead concept design, with joint development by HMC and TVS, while TVS will handle procurement, manufacturing, sales, and distribution. HMIL itself is not a party to this agreement. The JDA imposes certain restrictions on HMIL, including a non-compete in the three-wheeler industry and a right of first refusal for styling IP in specific small vehicle categories. However, HMIL states that these restrictions do not materially or adversely impact its current business operations as it does not manufacture such vehicles.
Key Highlights
- HMIL's promoter, HMC, partnered with TVS Motor Company for electric three-wheelers.
- The Joint Development Agreement focuses on developing and commercializing electric three-wheelers in India.
- HMIL is not a direct party to the agreement but is subject to certain non-compete clauses.
- Restrictions include a non-compete in the three-wheeler segment and ROFR for specific styling IP.
- HMIL states the agreement does not materially impact its current business or operations.
- HMC and TVS do not hold shares in each other, and the transaction is not a related party transaction.