Joy e-Bike targets 25% share in Indian EV market

Baroda-headquartered Wardwizard Innovations & Mobility, the parent company of Joy e-Bike has announced its ambition to achieve 25% of overall EV market in India.

In January 2021, the company set up its new manufacturing plant with a capacity of 9,000 vehicles per month in Vadodara and launched 4 electric motorcycles.

Yatin Gupte, chairman and MD, Wardwizard Group said, “We have consistently delivered growth over the last twelve months. This stock split reflects our continued confidence in our long-term growth, and we believe it will broaden the market for and widen the distribution of the company's stock. The company has strong fundamentals and the small investors trying to stay diversified will stand to gain. We are bullish about the EV market in India as potential is huge. The market is vast and we are totally geared for it.”

Wardwizard says it is looking to onboard more than 2,500 entrepreneurs in 2021-2022 and electric vehicle brands to get the units manufactured and assembled locally lowering the major costs involved.

“The new plant has the capacity to manufacture over 1 lakh electric two-wheelers in a single shift; plant is equipped to produce 3-4 lakh units per year in full capacity. 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. In next 3-4 years, company has set a revenue target of Rs 500-600 crore; enter the three-wheeler EV segment as well as expand footprint to Europe, Africa, Middle East,” added Gupte.