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WardWizard Innovations and Mobility with the Gujarat government signs a Memorandum of Understanding (MOU) to invest Rs 500 crore. With this partnership the government expects the company to develop the electric vehicle industry and meet the vision of green mobility in Gujarat.
In the presence of the Chief Minister of Gujarat Bhupendrabhai Patel and Yatin Gupte, Chairman and MD, Wardwizard Innovations and Mobility. The company will invest in the research and development of EVs, setting up EV ancillaries for manufacturing of raw materials, and establishing motor assembly in the facility of Vadodara.
Yatin Gupte 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.”
The company will invite partners for establishing production units for the manufacturing of components like battery, chassis, chargers, controllers, motors, and steal parts. WardWizard will provide ultra-modern facilities which include, human resources, land, and other resources.
The company has recently reported around a 12-fold jump with the sale of 3290 units of two-wheeler (electric scooters and motorcycles) in November due to the festive season. Compared to November 2020 where it only sold 255 units, the sale of the company rose to 1190%. WardWizard sold 1957 units in the first 8 months of 2020-2021.