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WardWizard to invest Rs 500 cr in Gujarat for setting up EV ancillary cluster
Industry News- Jan 13,22
WardWizard Innovations and Mobility Ltd – one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’ has signed a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs 500 crore.
WardWizard Innovations and Mobility Ltd – one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’ has signed a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs 500 crore. The agreement aims to foster the growth of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.
As part of the agreement, WardWizard would invest Rs 500 crores on research and development of electric 2 & 3 wheelers, setting up the motor assembly at Vadodara’s facility, and developing ancillaries to manufacture raw materials. The company will also generate more than 6000 jobs in the state.
Elaborating on the MoU, 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.â€Â
EV Ancillary is a unique concept and a solution by WardWizard Innovations and Mobility Ltd., to eliminate the ongoing problems of raw materials supply for electric vehicle manufacturing. Under the concept, manufacturing partners will be invited to set up their production unit for developing ancillaries under one roof to manufacture essential components like Motor, Battery, Chassis, Steal parts, Chargers, Controllers, etc.
WardWizard will be supporting them by providing ultra-modern facilities including land, human resource and other essential resources. EV Ancillary will facilitate the growth of the EV industry by reducing the issues of supply chain dependency on imports. It will further benefit from the constant availability of raw materials at competitive pricing. It will also allow our partners to supply the raw material to other OEMs of the industry.
WardWizard Innovations and Mobility has recently doubled its annual production capacity from one lakh units to two lakh units in a single shift with the new automatic assembly line at the Vadodara manufacturing plant. The company will soon introduce its new range of high-speed electric scooters by the end of the current fiscal.
WardWizard Innovations and Mobility Ltd
manufacturers
electric two-wheelers
Joy e-bike
MOU
WardWizard
electric 2 & 3 wheelers
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