Wardwizard Innovations & Mobility aims to expand its operations in the country as it looks to drive in new two-wheeler models and foray into the three-wheeler segment. The company currently sells nine electric two-wheeler models under the Joy brand, is also looking to enhance its presence in the overseas markets.
Wardwizard, which used to source around 40 per cent of components for its product range from abroad, is now looking at 100 per cent localisation content for its upcoming product range. The company looking to launch three more two-wheeler models which will be completely made in India. Currently, they are awaiting ARAI certification which will take around 2-2.5 months, so we can assume that the launch is expected in the next three months. The company has lined up ₹200 crore corpus for setting up manufacturing infrastructure at Vadodara, Kerala and West Bengal. Around ₹175 crore has already been invested in the projects with the majority of it going into the Gujarat facility which can currently roll out 2,200-2,500 units per month. It could further be scaled up to 9,000 units a month on a single shift basis. Furthermore, the company is planning to start small assembly plants in Kerala and West Bengal. It has been told that Wardwizard has already procured land in Kerala for the facility, and another Rs.100 crore will be invested in ongoing year in phase-wise manner on various things like three-wheeler development, other R&D activities and the rollout of new models.
Talking about the company’s progress in the three-wheeler segment, the prototype of the first model would be ready by 2021-end along with certification. The launch of the product is expected to take place in January-February in 2022. The company’s plans regarding export markets, contains that a wholly-owned unit has been set up in Uganda from where the EV maker would target other countries like Kenya, Tanzania and Ghana.The Gujarat-based company is currently supplying units to Uganda from India and is in the process of acquiring land there to set up an assembly plant. The company would be adding another 250 dealers this fiscal, mainly in north India, to the already 350 plus outlets.
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