Vadodara: Wardwizard Innovations & Mobility Ltd – one of the leading companies in the EV segment which owns brand including Joy e-bike and Vyom Innovation has inaugurated a new state-of-the-art facility at Vadodara, Gujarat for manufacturing electric two-wheelers. Company has invested around Rs. 45 crore in the new plant with a capacity to manufacture over 1 lakh electric two-wheelers per year in the first phase in one shift. Company has also launched 4 new models of high performance electric bikes- Beast, Thunderbolt, Hurricane and Skyline. The new plant is estimated to generate around 6,000 direct and indirect employment opportunities.
Virtual inauguration ceremony of the new plant was conducted by Shri Amit Shah, Hon’ble Minister for Home Affairs, Government of India on January 28. The inaugural function was also attended by Ranjanben Bhatt, Member of Parliament, Vadodara and Mr. Rajendra Trivedi, Speaker, Gujarat State Legislative Assembly.
Speaking on this occasion, Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Group said, “Inspired by the clarion call of Atmanirbhar Bharat and Make in India by our PM Shri Narendra Modi, we at Wardwizard Group are happy to complete the expansion in such a short time. I am both humbled and honoured to share this big step with Shri Amit Shah Ji who has been kind enough to grace us with his support and encouragement. We intend to manufacture all the parts & components of the electric bikes right from the chassis to batteries. With the growing demand for electric bikes, we expect to grab 25% market share of the overall EV two-wheeler segment by the year 2025.”
Under its brand Joy e-bike, company also launched four new models of high performance electric bikes – Beast, Thunderbolt, Hurricane and Skyline which are equipped with exceptional speed, power and pick-up features With this company’s EV product portfolio of e-bikes, e-scooter is increased to 10 plus models, which is largest in the industry.
“The new facility has the capacity to manufacture over 1 lakh units of electric bikes per year in the first phase which can be gradually expanded to 3-4 lakh units per year with 2-3 shifts. In addition to domestic market, company look to export its electric bikes in Africa, Middle East and Europe. Company is also open to collaborate with other electric vehicle brands to offer its manufacturing facilities. In the next 3-4 years company has set a revenue target of Rs. 500-600 crore and will also be launching electric three-wheeler,” said Mr. Gupte.
India sold 1,56,000 electric vehicles in FY 2019-20, out of which 1,52,000 were 2 wheelers. The current COVID-19 situation is expected to accelerate the rate of adoption of EVs in the medium term as customers look for environment-friendly and cost-effective personal mobility solutions.
According to report of Avendus Capital, market for electric two-wheeler segment could grow to Rs. 12,000 crore by 2024-25. It expects 9% penetration of electric two-wheeler by 2024-25, which with right macroeconomic environment has the potential to even grow to 16%.
Synonymous with innovation, quality, design and technology Wardwizard Group has created a strong brand identity through its product. The company looks to grow from strength to strength by consistently introducing innovative products in the market. Company has a strong presence in domestic market with 800 plus dealers which is expected to increase to over 2,500 in the next 2-3 years.