Wardwizard Innovations & Mobility, which makes the Joy e-bike range has announced plans to diversify its electric mobility portfolio to include a three-wheeler and passenger car.
The Vadodara, Gujarat-based company Wardwizard Innovations was one of the early entrants in the e-mobility space when it launched the popular Joy E-Bike. The launch of this bike range gave the management key learnings for a deeper foray into the electric mobility space.
Speaking to Autocar Professional, Yatin Gupte, chairman and MD, Wardwizard outlined plans to manufacture a mass-market passenger car. “We expect the EV charging infrastructure will be far more developed in three years, given that both the government and private sector are working on it.”
The company’s R&D has already begun work on the electric car and hopes to have a prototype ready in about two to two and a half years. The final product is expected to be launched by 2025.
Gupte said the company aims to make its car an affordable offering, and has already started hiring personnel including some from Benelli, Kinetic Engineering and other EV players. Our R&D team is working with a third-party designer,” adds Gupte.
The company hopes to be able to tap opportunities for four-wheeler cars given the current electric four-wheeler market has just a few products. Gupte also said his company is open to the idea of offering its plant for contract manufacturing facilities.
The company hopes to increase revenues three-fold increase Rs 500-600 crore by 2025. It has earmarked investments worth Rs 1,000 crore over the next couple of years. It is also looking at strategic investments for its e-mobility foray.
A study by KPMG and the Confederation of Indian Industry released in October 2020 called Shifting Gears predicts that electric vehicles are on course to fulfill their promise as a gamechanger for the automobile industry, with two-wheeler and three-wheeler auto segments likely to lead the adoption curve, followed by e-buses and passenger taxis.