Wardwizard Innovations & Mobility, a manufacturer of electric vehicles under the ‘Joy e-bike’ brand in India, signed an Memorandum of Understanding (MoU) with the Government of Gujarat to invest Rs 2,000 crore for developing an EV Ancillary Cluster by 2024.
This MoU was a part of the Vibrant Gujarat Global Suchmmit 2024 in Gandhinagar. This pivotal agreement was signed by S.J. Haider, Additional Chief Secretary of the Industries and Mines Department, and Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.
Under this agreement, Wardwizard is set to make a substantial investment of Rs. 2,000 crores, spanning various critical areas. This includes research and development of electric 2 & 3-wheelers, the establishment of motor assembly at Vadodara's facility, Li-ion Cell production, and the development of ancillaries for raw material manufacturing.
Yatin Sanjay Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility said, “This MoU solidifies our commitment to electric mobility and the 'Make-in-India' initiative. With a significant Rs 2,000 crore investment, we fortify the local ecosystem, generating 5,000 employment opportunities, and driving a greener, self-reliant India."
He added that the investment was pivotal for 'Make-in-India,' easing supply chain pressures, and curbing import dependencies, as we prepare to manufacture Lithium-Ion Cells, Motor Controller, Chargers in-house while also investing in technology and innovation, expanding our research and development efforts.
EV Ancillary, an initiative by Wardwizard, addresses the ongoing challenges in the supply of raw materials for electric vehicle manufacturing. This concept invites manufacturing partners to establish production units under one roof, focusing on essential components like motors, batteries, chassis, steel parts, chargers, and controllers. Wardwizard provides crucial support by offering state-of-the-art facilities, including land, human resources, and essential resources.
EV Ancillary aims to boost the electric vehicle industry by reducing supply chain dependency on imports and ensuring a steady supply of raw materials at competitive prices. Additionally, it empowers partners to provide raw materials to other industry OEMs.