31 Dec 2024
Electric 3-Wheelers: Hyundai and TVS Join Hands for Innovation
Hyundai Motor India Ltd (HMIL) is set to take a big leap into the electric last-mile mobility market. Hyundai is said to be in talks with TVS Motor for the purpose. The two companies are discussing a potential partnership to develop electric three-wheelers.
Under this agreement, Hyundai will handle the engineering and design of the vehicle, while TVS Motor will focus on local manufacturing. The collaboration aims to create a high-quality electric three-wheeler that meets the needs of the Indian market.
Hyundai’s Strategy to Enter the Last-Mile Mobility Space
Hyundai wants to strengthen its presence in India by targeting the fast-growing electric vehicle segment. Sources indicate that Hyundai is looking to share its micro-mobility vehicle architecture with Indian companies. This strategy mirrors how TVS Motor benefits from BMW's two-wheeler technology through its partnership with the German brand.
Hyundai will showcase its innovative last-mile mobility vehicles at the Bharat Mobility Show. The event marks an underpinning commitment to becoming a key player in India's zero-emission vehicle market.
TVS Motor to Make Electric Three-Wheelers
TVS Motor is also actively exploring opportunities in the electric three-wheeler segment. The company has announced plans to launch its electric three-wheeler by 2025. The partnership with Hyundai could give TVS an edge in the growing EV market.
Hyundai’s Shuckle Mobility Platform Could Enter India
Another exciting development comes in the shape of Hyundai setting up its potential app-based Shucle ride pooling platform in India. Launched in South Korea in 2021, this demand-responsive platform offers a shuttle service based on a real-time necessity. Artificially intelligent, flexible routes and efficient routing make this highly convenient for anyone.
If launched in India, Shucle would assist Hyundai in establishing a market leadership position in electric last-mile mobility. The sector is already fast-growing due to passenger rickshaws and cargo three-wheelers.
India's Expanding Electric Three-Wheeler Market
India is one of the fastest-growing electric three-wheeler markets. From January to November, the segment had sold over 631,855 units, with a 20% growth from the previous year. Analysts predict the market will close the year at 700,000 units.
Reasons for growth include:
- Lower ownership costs: EVs are cheaper to run than petrol, diesel, or CNG-fueled vehicles.
- Government schemes: The schemes of FAME-EMPS and PM E-Drive have brought EVs into affordable categories.
- Availability of financing options: Loans have become easy for buyers to obtain, which has increased demand for them.
- Logistics companies and fleet operators have switched to last-mile delivery by the EV.
Choices have widened for the customer in the electric three-wheeler market.
Key Players in the Electric Three-Wheeler Market
The Indian electric three-wheeler market is highly competitive. Mahindra & Mahindra currently leads the segment with over 40% market share. Bajaj Auto is another key player that is rapidly expanding its EV portfolio.
Other notable names in this space include startups like AltiGreen and Euler, which have established themselves in niche markets. Ola Electric and Hero MotoCorp are also investing heavily in the last-mile mobility sector to strengthen their presence.
Hyundai Focus on Indian Mobility Solutions
Hyundai Motor Group's Executive Chair, Euisun Chung, recently met Indian Prime Minister Narendra Modi to discuss India's future with mobility. Here, they also discussed the future of mobility with opportunities for partnerships and how Hyundai can adjust to the needs of its diverse market.
This meeting may have inspired Hyundai's new focus on last-mile mobility and the electric three-wheeler segment. To tap into India's growing demand for sustainability and efficiency, Hyundai has forged partnerships with local companies, such as TVS Motor.
Hyundai and TVS have yet to comment on the details
While talks between Hyundai and TVS Motor Company are ongoing, neither has officially announced the same. The details of their tie-up are not known either. However, with this, India may see advanced electric vehicles like never before.
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