WardWizard Innovations & Mobility to invest $20Mn in EV business

Indian electric vehicle manufacturer, WardWizard Innovations and Mobility have expressed plans to spend INR 150 crore (USD 20 million) in the coming six months in its EV business, as it seeks to ramp up technology and infrastructure, among other things, to meet growing demand.

Under the 'Joy e-bike' brand, the Vadodra-based EV maker markets its bikes and e-scooters which come in five high-speed variants and five low-speed models.

In August, the company’s vehicle sales increased by 435% to 2001 units, compared to 374 units in the same month last year.

Sources claim that WardWizard is planning to enter into more segments like e-four-wheeler and e-rickshaw.

Yatin Gupte, WardWizard Innovations & Mobility’s Chairman & Managing Director, said that the firm has invested around Rs 250-275 crore ($33-$37 million) each year for the last 4 years.

The firm is now planning to invest approximately Rs 150 crore ($20 million) in the next six months, owing to rising demand. The funds will be used to expand its infrastructure, technology and for higher localization.

He noted that half of the funds would be raised by the market, and the other 50% would be permeated by promoters, adding that they have started contacting the market.

Demand for EVs has risen, particularly in rural markets, as a result of rising fuel prices and a slew of new incentives, including various state government subsidies ranging from Rs 15,000 to 20,000 per vehicle under their respective EV policies, as well as a separate subsidy of Rs 15,000 per kWh under the Central Government's FAME-II scheme, he said.

Mr. Gupte specified that the firm sold around 1,000 units in January of this year, which raised to 4,000-5,000 units a month.

In the current month, the firm is manufacturing nearly 3,500 vehicles, although the deliveries of 8,000 vehicles are lined up for October. In November, WardWizard will be delivering approximately 9,000 vehicles.

Source Credit - https://www.freepressjournal.in/business/ev-maker-wardwizard-innovations-mobility-to-invest-rs-150-cr-in-next-six-monthss