The Business Bytes
TBB BUREAU
VADODARA, JANUARY 29, 2021
Wardwizard Innovations & Mobility Ltd’s new plant at Vadodara in Gujarat with an annual manufacturing capacity of over 1 lakh electric two-wheelers was inaugurated on Thursday by Union Home Minister Amit Shah.
Wardwizard has invested around Rs 45 crore in the new plant at Vadodara.
The new plant is estimated to generate around 6,000 direct and indirect employment opportunities, according to a company release.
Virtual inauguration ceremony of the new plant was conducted by Shah on Thursday in presence of Vadodara MP Ranjanben Bhatt and Gujarat State Legislative Assembly Speaker Rajendra Trivedi. .
Inspired by the clarion call of ‘Atmanirbhar Bharat’ and ‘Make in India’ by Prime Minister Narendra Modi, Wardwizard Group is happy to complete the expansion in a short time, Wardwizard Group Chairman-cum-Managing Director Yatin Gupte said.
“We intend to manufacture all the parts and components of the electric bikes right from the chassis to batteries,” Gupte added.
Gupte further said that with the growing demand for electric bikes, the company expects to grab 25 per cent market share of the overall EV two-wheeler segment by the year 2025.
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.
Under its brand Joy e-bike, the company has also launched four new models of high-performance electric bikes — Beast, Thunderbolt, Hurricane and Skyline.
Wardwizard has a strong presence in domestic market with 800-plus dealers which is expected to increase to over 2,500 in the next 2-3 years.
India sold 1,56,000 electric vehicles in 2019-20; out of which, 1,52,000 were two-wheelers.
According to a report of Avendus Capital, the market for the electric two-wheeler segment could grow to Rs 12,000 crore by 2024-25. It expects 9 per cent penetration of electric two-wheeler by 2024-25, which with the right macroeconomic environment has the potential to even grow to 16 per cent.
