Wardwizard builds 100,000 electric two-wheeler unit in Gujarat for Rs 45 cr

Company plans to launch four variants of high performance e-bikes at the plant, which is estimated to generate direct and indirect employment for 6,000 persons

Electric vehicle (EV) player Wardwizard Innovations & Mobility Ltd on Thursday inaugurated an electric two-wheeler manufacturing facility in Vadodara, Gujarat. The group, which owns brands like Joy e-bike and Vyom, has set up the plant at an investment of Rs 45 crore with an initial capacity of manufacturing 100,000 electric two-wheelers per annum in the first phase in one shift.

According to Yatin Gupte, chairman and managing director of Wardwizard Group, the company plans to launch four variants of high performance e-bikes including Beast, Thunderbolt, Hurricane and Skyline. Estimated to generate direct and indirect employment for 6,000 persons, the plant was inaugurated virtually on Thursday by union home minister Amit Shah.

Along with e-bikes, the firm will make all parts and components from chassis to batteries. "With the growing demand for electric bikes, we expect to grab 25 per cent market share of the overall EV two-wheeler segment by 2025," said Gupte, adding that that the plant will gradually be expanded to make 300,000-400,000 units a year in 2-3 shifts.

 

In addition to the domestic market, Wardwizard looks to export its electric bikes to Africa, Middle East and Europe, apart from being open to tie-ups with other EV brands to offer its manufacturing facilities. "In the next 3-4 years, the company has set a revenue target of Rs 500-600 crore and will be launching electric three-wheelers," said Gupte. 

The four new models have been equipped with speed, power and pick-up features. Citing an Avendus Capital report, the company said that market for electric two-wheeler segment could grow to Rs 12,000 crore by 2024-25. Penetration of electric two-wheeler is expected to be nine per cent by 2024-25, which with right macroeconomic environment has the potential to even grow to 16 per cent, it stated.

"India sold 1,56,000 electric vehicles in FY 2019-20, out of which 1,52,000 were 2 wheelers. The current Covid-19 situation is expected to accelerate the rate of adoption of EVs in the medium term as customers look for environment-friendly and cost-effective personal mobility solutions," the company further stated.

Meanwhile, from a presence in domestic market of 800 plus dealers, the company expects to increase the same to over 2,500 in the next 2-3 years.