NEW DELHI: Hyundai Motor Company (Hyundai Motor) and TVS Motor Company Ltd. (TVS Motor) have signed a Joint Development Agreement (JDA) to advance the development and commercialization of innovative Electric Three-Wheeler (E3W) solutions designed specifically to address India’s last-mile mobility needs.

The partnership formalized following the successful presentation of the E3W concept at the Bharat Mobility Global Expo 2025 represents a significant step towards bringing tailored mobility solutions to Indian consumers and reinforces both companies’ commitment to sustainable urban transportation.

Under the agreement, Hyundai Motor will lead the design of and co-develop the E3W by leveraging its research and development expertise, advanced mobility technologies, and human-centric design approach.

“Hyundai Motor Company has long explored ways to contribute to improving India’s transportation environment as a key market, and our collaboration with TVS Motor is a strategic decision rooted in that effort. We hope the co-developed E3W enables broader access to safer and more sustainable transportation for people across the country.”  – Joongsun Ko, Senior Vice President of Corporate Strategy & Planning at Hyundai Motor Company.

The E3W will be engineered to address India’s unique mobility challenges while delivering sustainable solutions aligned with local road conditions and urban infrastructure.

TVS Motor will co-develop the product using its leading-edge electric platform, extensive three-wheeler engineering expertise, and deep local market knowledge. Leveraging its long legacy of trust and quality focus, TVS will also lead local sales, with its manufacturing operations in India catering to the Indian market demand and future exports.

Commenting on the development, Sharad Mishra, President, Group Strategy, TVS Motor Company, said, “At TVS Motor Company, we aim to transform quality of life through sustainable and accessible mobility. The Joint Development Agreement marks an important step in our partnership with Hyundai Motor Company and advances our shared ambition to develop electric three-wheeler solutions. By bringing together complementary strengths – including our electric three-wheeler platform, engineering expertise, and deep understanding of customer needs – we are well-positioned to deliver purpose-built products for India and additional markets. This collaboration reinforces our commitment to scalable, sustainable last-mile mobility while setting new benchmarks in technology, quality, customer experience, and a legacy of trust.”

Both companies are committed to delivering the first vehicle in India – the world’s largest three-wheeler market – as part of the JDA, marking a significant milestone in sustainable last‑mile mobility innovation.

A cornerstone of this partnership is the commitment to localize component manufacturing for the E3W model’s production. Major components will be sourced and manufactured locally within India. This strategic approach serves multiple objectives: it strengthens India’s automotive supply chain ecosystem, creates employment opportunities, reduces overall vehicle costs, and ensures rapid after-sales support and spare parts availability for end customers.

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PUNE: Piaggio Vehicles Pvt Ltd (PVPL), a 100% subsidiary of the Italian auto giant Piaggio Group and a pioneer in small passenger and commercial vehicles in India, has announced an exclusive partnership with RiseWise Capital, a leading fintech firm specialising in custom mobility financing. Through this collaboration, Piaggio introduces a first-of-its-kind battery replacement financing programme for its electric three-wheeler (3W) customers, making EV ownership more accessible and affordable.

This pioneering initiative offers up to 100% financing for battery replacement after three to four years of vehicle use, covering customers across RiseWise Capital’s operational areas – Maharashtra, Gujarat, Chhattisgarh, and Karnataka. It will gradually expand to other parts of India. With this partnership, Piaggio and RiseWise aim to ensure that customer fleets run smoothly while maintaining a positive turnover rate without incurring battery expenses or downtime.

This pioneering initiative allows Piaggio electric three-wheeler customers to replace their batteries after three to four years of vehicle use with 100% financing for the new battery. The program is designed to make EV ownership affordable and operationally seamless, addressing one of the key concerns for commercial EV operators: the cost of battery replacement. Customers can avail the financing through authorized Piaggio 3W dealers, with repayment structured upto 24 months at an affordable and reasonable interest rate, using the vehicle as collateral. This ensures that businesses can maintain fleet uptime, continue operations efficiently, and manage cash flow without the financial burden of an expensive battery replacement.

Speaking on the occasion, Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt. Ltd., said, “At Piaggio, we continue to pioneer in the electric mobility space, with a focus on customer-centric innovation. This first-of-its-kind battery replacement financing offering in India underscores our commitment to making EV ownership simpler, more reliable, and financially viable. By partnering exclusively with RiseWise Capital, we are enabling commercial EV operators to sustain their operations without worrying about battery replacement costs. We believe this initiative will set a benchmark across the electric three-wheeler industry and accelerate EV adoption nationwide.”

Speaking on the occasion, Tejal Bhartiya, MD & CEO, RiseWise Capital Pvt Ltd. “Piaggio & RiseWise Capital partnership enables easy battery replacement without imposing high upfront costs on customers. It is designed to offer peace of mind by ensuring affordable and hassle-free battery replacements, while maintaining continuous uptime of the 3W EVs for uninterrupted business operations.“

Sham Jagtap, Executive Director, RiseWise Capital Pvt Ltd, expressed.”Piaggio’s strong EV portfolio and credibility in the industry make this collaboration impactful, helping businesses minimise downtime and scale sustainably. Together, we aim to set new standards for electric mobility finance in India. RiseWise Capital is Piaggio’s battery financing partner in India, introducing the nation’s first-ever battery replacement financing program.“

Key Features of the Battery Replacement Financing Scheme:

• Customers can avail financing of up to 100% of the battery invoice value for a new battery after 3–4 years of vehicle use (End of life of first battery)
• Flexible 24-month repayment schedule with a competitive interest rate of 10.99%onwards
• The existing Piaggio 3W EV will serve as hypothecated collateral for the loan
• Battery replacement insurance is mandatory and facilitated through authorised Piaggio dealers or partners
• Convenient multiple repayment options through ECS, NACH, or UPI AutoPay

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MUMBAI: Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Limited, continues to dominate the electric three-wheeler market, achieving an impressive milestone in FY24. Building on its success, MLMML is India’s No.1** electric three-wheeler manufacturer having sold over 1.4 Lakh* electric vehicles to date. MLMML currently has a market share of 9.3%** in the electric three-wheeler space in India. In the L5 EV category, MLMML is the leader with a 55.1%** market share, YTD FY24.

In just eight months, MLMML has demonstrated remarkable growth selling 40000* EVs. This momentum was fuelled by the launch of two new products – Treo Plus as well as the e-Alfa Super rickshaw and cargo variants. This significant achievement showcases the accelerating demand for Mahindra’s electric vehicles and highlights the company’s commitment to pioneering sustainable last-mile mobility solutions. To meet this sustained demand for three-wheeler EVs, production has been increased threefold. MLMML’s manufacturing plants are situated in Bengaluru, Haridwar, and Zaheerabad.

The diverse range of three-wheeler EVs, offered by MLMML, includes the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Super, and e-Alfa Cargo.

Suman Mishra, MD, and CEO of MLMML said “In FY24, our customer-first approach has helped intensify our efforts to electrify the last mile transportation space. Sales of 40000* e-3-wheelers within eight months reflect the inclusive income generation our EVs accord to the drivers. We’re committed to enhancing our customer’s lives by consistently delivering value-for-money, innovative, and sustainable last-mile mobility solutions.”

As part of its customer-centric approach, Mahindra Last Mile Mobility Limited offers the UDAY program. This program, on purchase of an MLMML EV, provides drivers with an accident insurance cover of ₹ 10 Lakh for the first year. This emphasizes Mahindra’s dedication to ensuring the safety and well-being of its customers.

*As per internal billing data, **As per Vahan portal

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