WardWizard Innovations and Mobility Ltd., manufacturers of electric two-wheelers under the Joy E-Bike brand name, has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs. 500 crore in the state. The company announced in a press statement that the agreement aims to boost the growth of the electric vehicle industry and meet the government's vision of strengthening green mobility in the state. The signing ceremony of the MoU with the Gujarat Government took place as part of the Vibrant Gujarat Global Summit 2022 in Gandhinagar in the presence of Gujarat Chief Minister Bhupendrabhai Patil, and Yatin Gupte, Chairman and Managing Director, WardWizard Innovations and Mobility Limited.
As part of the agreement, WardWizard will invest Rs. 500 crore on research and development of electric two-wheelers and three-wheelers, setting up a motor assembly at the company's Vadodara facility, and developing EV ancillaries to manufacture raw materials. The company also intends to generate more than 6,000 jobs in the state.
WardWizard Innovations & Mobility manufactures electric two-wheelers under the Joy E-Bike brand.
Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, "The investment would help in strengthening the development and boost the 'Make-in-India' vision while promoting local vendors during this electric mobility revolution. The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers. EV Ancillary will work as a solution and ease the supply chain while decreasing the dependency on imports. As we are at the cusp launching our new high-speed two-wheelers and electric three-wheelers, the investment will help in reinforcing our R&D and marketing activities."
The EV Ancillary is a unique concept to eliminate ongoing problems of raw materials supply for electric vehicle manufacturing. According to the company, the EV Ancillary will facilitate the growth of the EV industry by reducing the issues of supply chain dependency on imports. Constant availability of raw materials at competitive pricing can also be ensured, and WardWizard's partners can also supply such raw materials to other OEMs in the industry, the company added. WardWizard has recently doubled its annual production capacity from one lakh units to two lakh units from a single shift at the company's new automatic assembly line at its Vadodara manufacturing plant. The company is expected to introduce a new range of high-speed electric scooters by the end of the current financial year.
