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WardWizard Innovations and Mobility, a maker of electric two-wheelers, said that it plans to start production of a passenger-friendly three-wheeler model in the fourth quarter. This is part of its expansion plans.
The Vadodara-based firm saw a 160% year-on-year increase in July vehicle sales of 2,458 electric two-wheelers, compared to 945 units last year. It also stated that it is working on strengthening its EV support with the right partners in order to have the necessary raw material for the Lithium-ion advanced cell manufacturing facility.
A company official said that the company was planning to start its first three-wheeler in the passenger segment from the second quarter (July-September).
In January, the company announced plans to diversify its electric mobility portfolio by adding a three-wheeler to its fleet and a passenger vehicle.
The official stated that the company was working towards the industry’s holistic development. Therefore, they are focusing their efforts on strengthening the EV ancillary with appropriate partners to provide a solution for the availability of essential raw materials and begin developing Li-ion cells in India starting next financial year.
WardWizard stated that it will invest Rs. 650 crores over 18 months in a Li-ion advanced cell manufacturing facility at Vadodara’s EV ancillary cluster.
He stated that “We are continuing to invest in R&D to foster more segments, diversify our product categories and strengthen our presence with new touchpoints.”
With the holiday season just around the corner, the company stated that it expects steady sales and profitable growth.
On Monday, the company reported an around two-fold growth in profit after tax to Rs 2.06 crore in the quarter ended June 30, as compared to Rs 70 lakh for the same quarter in FY22. From Rs 11.52 crore the previous year, the revenue increased more than threefold to Rs 54.72 million in the quarter.