The company says it has invested around Rs 45 crore in the facility, which has a manufacturing capacity of 100,000 electric two-wheelers per year in the first phase in one shift.
28 Jan 2021 | 13381 Views | By Autocar Professional Bureau
Wardwizard Innovations & Mobility, a leading company in the electric vehicle segment which owns brand including Joy e-bike and Vyom Innovation has inaugurated its new state-of-the-art manufacturing plant in Vadodara, Gujarat for electric two-wheelers. It has also launched four new models of high-performance electric bikes – Beast, Thunderbolt, Hurricane and Skyline.
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Wardwizard Innovations & Mobility, a leading company in the electric vehicle segment which owns brand including Joy e-bike and Vyom Innovation has inaugurated its new state-of-the-art manufacturing plant in Vadodara, Gujarat for electric two-wheelers. It has also launched four new models of high-performance electric bikes – Beast, Thunderbolt, Hurricane and Skyline.
The company says it has invested around Rs 45 crore in the facility, which has a manufacturing capacity of 100,000 electric two-wheelers per year in the first phase in one shift. The new plant is estimated to generate around 6,000 direct and indirect employment opportunities.
The virtual inauguration ceremony of the new plant was conducted by Amit Shah, Minister for Home Affairs, government of India on January 28. The inaugural function was also attended by Ranjanben Bhatt, MP, Vadodara and Rajendra Trivedi, speaker, Gujarat State Legislative Assembly.
Yatin Gupte, chairman and MD, Wardwizard Group said, “Inspired by the clarion call of Atmanirbhar Bharat and Make in India by our PM 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 Amit Shah who has been kind enough to grace us with his support and encouragement. We intend to manufacture all the parts and 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, the company also launched four new models the Beast, Thunderbolt, Hurricane and Skyline. With this company’s EV product portfolio of e-bikes, e-scooter is increased to over 10 models.
“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. The 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,” added Gupte.
Wardwizard Group has a presence in the domestic market with over 800 dealers, which is expected to increase to over 2,500 in the next 2-3 years.