WardWizard Innovations and Mobility, a leading manufacturer 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. The agreement aims to indigenous development of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.
The MoU was signed as part of Vibrant Gujarat Global Summit 2022 in Gandhinagar in presence of Bhupendrabhai Patel, chief minister of Gujarat and Yatin Gupte, chairman and MD, Wardwizard Innovations and Mobility.
As part of the agreement, WardWizard will invest around Rs 500 crore on research and development of electric two- and three-wheelers, setting up the motor assembly at Vadodara’s facility, and developing EV ancillaries to manufacture raw materials. The company will also generate more than 6,000 jobs in the state.
Yatin Gupte 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 OEM will invite partners to set up their production unit for developing ancillaries under one roof to manufacture essential components like motor, battery, chassis, steal parts, chargers and controllers among others. WardWizard will support them by providing ultra-modern facilities including land, human resource and other essential resources. It will further benefit from the constant availability of raw materials at competitive pricing. The company says it will also allow its partners to supply the raw material to other OEMs in the industry.
WardWizard Innovations and Mobility recently doubled its annual production capacity from 100,000 units to 200,000 units in a single shift with the new automatic assembly line at the Vadodara manufacturing plant. The company says it will soon introduce its new range of high-speed electric scooters by the end of the current fiscal.
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