Vadodara-based Wardwizard Innovations and Mobility Ltd which was formerly known as Manvijay Development Company Ltd, is looking at a ten-fold growth in its electric vehicle (EV) sales during the current fiscal. This was informed by a senior company executive to ET Auto.
The company sells electric scooters and motorcycles under the Joy e-Bike brand. It sold more than 4,600 units in FY21, 1,600 units in Q4 alone.
Sneha Shouche, chief financial officer and executive director, Wardwizard Innovations and Mobility, said that based on the strong demand for electric two-wheelers that they have been witnessing over the past quarters, they are planning to produce and sell 40,000 to 50,000 EVs this fiscal. This aggressive sales target would help the company gain about 20-25% market share in the growing electric two-wheeler segment.
The company has appointed 50 additional dealerships during the month of March. These new dealerships helped it to penetrate new markets that included Madhya Pradesh, Chattisgarh, Rajasthan, West Bengal and Odisha.
In October 2018, Wardwizard had launched its first low-speed electric scooter and also set up an assembly plant in Vadodara early 2021. The plant, according to the company, can roll out up to 1 lakh EVs a year or up to 9,000 units a month, on a single-shift basis. The company also plans to set up two more plants by 2025, while foraying into the other states and is also looking for a partner for battery swapping technology. The company is thinking of coming out with new products and also foray into EV 3-wheelers space.