WardWizard to invest Rs 500 cr in EV ancillary cluster in Gujarat

New Delhi, Dec 20 : Electric two-wheelers manufacturer WardWizard Innovations has signed a Memorandum of Understanding (MoU) with the Gujarat Government to foster the growth of EV industry by creating an EV ancillary cluster and meet the government’s vision of strengthening green mobility in the state.
The memorandum has been signed with an investment of Rs 500 crore between Electric two-wheelers manufacturer WardWizard Innovations and Mobility which markets the brand ‘Joy e-bike’, which has signed a Memorandum of Understanding (MoU) with the Gujarat Government.
The MoU, signed on Monday, also targets the creation of more than 6000 job creation.
The signing ceremony of MoU with the Gujarat Government took place as part of Vibrant Gujarat Global Summit 2022 in Gandhinagar in the presence of Chief Minister Bhupendrabhai Patel and Yatin Gupte, Chairman and Managing Director of Ward Wizard Innovations and Mobility along with senior government dignitaries and officials from the company. The company 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 and will soon introduce its new range of high-speed electric scooters by the end of the current fiscal.
As part of the agreement, the capital will be spent on research and development of EV 2 and 3 wheelers, setting up the motor assembly at Vadodara’s facility and developing EV ancillaries to manufacture raw materials. The investment is aimed at strengthening the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution. “With the supply chain under immense pressure due to the growing demand for EVs, especially two-wheelers, the ancillary unit will work as a solution and ease the supply chain while decreasing the dependency on imports,” said Gupte.
Under the EV ancillary project, 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, steel parts, chargers, controllers, etc. WardWizard will support them by providing modern facilities including land, human resources and other essential resources. The EV industry will further benefit from the constant availability of raw materials at competitive pricing and the ancillary will also allow WardWizard’s partners to supply raw material to other OEMs of the industry.