Rs 500 Cr to be invested in EV ancillary cluster in Gujarat by WardWizard
WardWizard Innovations, a producer of electric two-wheelers, has signed a Memorandum of Understanding (MoU) with the Gujarat government to promote the expansion of the EV sector by establishing an EV auxiliary cluster and support the government’s goal of enhancing green transportation in the state.
The pact was inked with a Rs 500 crore investment by WardWizard Innovations, a producer of electric two-wheelers, and Mobility, which promotes the Joy e-bike brand, which has signed a Memorandum of Understanding (MoU) with the Gujarat government.
The Memorandum of Understanding, which was signed on Monday, also aims to create around 6000 jobs.
The MoU was signed in Gandhinagar as part of the Vibrant Gujarat Global Summit 2022, in the presence of Gujarat Chief Minister Bhupendrabhai Patel and Yatin Gupte, Chairman and Managing Director of Ward Wizard Innovations and Mobility, as well as top government dignitaries and corporate executives.
With the new automatic assembly line at the Vadodara manufacturing facility, the firm has just increased its yearly production capacity from one lakh to two lakh units in a single shift, and will shortly unveil its new range of high-speed electric scooters by the end of the current fiscal.
The funds will be used for research and development of electric two and three-wheelers, as well as building up a motor assembly factory in Vadodara and creating EV ancillaries to manufacture raw materials. During this electric mobility revolution, the investment aims to reinforce the ‘Make-in-India’ concept while also boosting local suppliers. “With the supply chain under immense pressure due to the growing demand for EVs, especially two-wheelers, the ancillary unit will work as a solution and ease the supply chain while decreasing the dependency on imports,” said Gupte.
Manufacturing partners will be requested to build up their production unit for producing ancillaries under one roof to produce important components such as motors, batteries, chassis, steel parts, chargers, controllers, and so on as part of the EV auxiliary project. WardWizard will assist them by offering contemporary facilities, such as land, people resources, and other necessities. The electric vehicle sector will also benefit from the consistent availability of raw materials at cheap prices, and the ancillary will allow WardWizard’s partners to offer raw materials to other industrial OEMs.
