Gujarat based electric vehicle maker, Wardwizard Innovations & Mobility is aiming to expand its operations in the country as it looks to drive in new two-wheeler models and foray into the three-wheeler segment. The company is currently selling nine electric two-wheeler models under the Joy brand. It is also looking to enhance its presence in the overseas markets.
It used to source around 40% of components for its product range from abroad whereas now it is looking at 100 percent localisation content for its upcoming product range.
The company;s Chairman and MD, Yatin Gupte said that they are looking to launch three more two-wheeler models which will be completely made in India. Currently, they are awaiting ARAI certification which will take around 2-2.5 months, so the launch is expected in the next three months. The new models would cater to the personal segment. He also mentioned that another model, meant for the cargo and delivery segment, is almost ready and would be soon submitted to ARAI for certification.The company has lined up Rs 200 crore corpus for setting up manufacturing infrastructure at Vadodara, Kerala and West Bengal. Out of this, around Rs 175 crore has already been invested in the projects with the majority of it going into the Gujarat facility which can currently roll out 2,200-2,500 units per month. It could further be scaled up to 9,000 units a month on a single shift basis.
Mr. Gupte also mentioned that another Rs 100 crore would be invested this year in phase wise manner on various things like three-wheeler development, other R&D activities and the roll out of new models. Launch of the product is expected to take place in January-February next year.
As far as the dealerships are concerned, the company would be adding another 250 dealers this fiscal, mainly in north India, to the already 350 plus outlets.
The company’s abroad plans have already been shaped by a wholly-owned unit that has been set up in Uganda from where the EV maker would target other countries like Kenya, Tanzania and Ghana.