This collaboration is a part of Wardwizard’s strategy to expand its global footprint and promote sustainable mobility solutions.
06 Sep 2024 | 6797 Views | By Autocar Professional Bureau
Wardwizard Innovations & Mobility Limited (WIML), a manufacturer of electric vehicles under the brands "Joy e-bike" and "Joy e-rik," has announced that it has received a Letter of Intent (LOI) from Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud for a proposed joint venture in Saudi Arabia.
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Wardwizard Innovations & Mobility Limited (WIML), a manufacturer of electric vehicles under the brands "Joy e-bike" and "Joy e-rik," has announced that it has received a Letter of Intent (LOI) from Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud for a proposed joint venture in Saudi Arabia.
This collaboration is a part of Wardwizard’s strategy to expand its global footprint and promote sustainable mobility solutions.
A feasibility study has already been completed, confirming the viability of this venture in Saudi Arabia. The positive results of the study have encouraged Wardwizard to move forward with the partnership, which aligns with the Kingdom's vision for sustainable development.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, stated that the company is honored to receive the Letter of Intent and that the partnership represents a significant endorsement of its capabilities in the electric mobility sector. He added that the joint venture would contribute to the Kingdom’s sustainability goals while also enhancing Wardwizard’s global presence.
The joint venture will involve setting up two plants in Saudi Arabia: an assembly plant and an electric vehicle (EV) cells plant. The assembly plant will focus on electric two-wheelers, three-wheelers, and four-wheelers, with plans for future expansion to include electric buses. The EV cells plant will be dedicated to the production of electric vehicle cells.
Wardwizard will outline its proposed investment and stake in the joint venture as part of its commitment to promoting sustainable mobility in Saudi Arabia. The company will also bring its technological expertise and intellectual properties, including advanced EV technologies and innovative manufacturing processes, to strengthen the joint venture’s position in the growing EV market and support Saudi Arabia's transition to an environmentally friendly transportation ecosystem.
The joint venture aims to leverage Wardwizard’s experience in electric mobility to help Saudi Arabia develop a more sustainable transportation infrastructure.