EV player Wardwizard Innovations on expansion spree, plans newer models

Plans afoot for 3-wheelers and capacity expansion of 2-wheelers along with ancillary cluster

Even as it clocks a staggering 656 per cent growth in sales for the third quarter of financial year 2021-22, Vadodara-based electric two-wheeler player Wardwizard Innovations and Mobility Ltd is on an expansion spree.

On the back of a sales mark of 10,005 units in Q3 of FY22, the emerging EV player has already expanded its annual production capacity from 100,000 to over 200,000 units in a single shift with the new automatic assembly line at its Vadodara manufacturing plant. Now, Wardwizard is also adding more models and products to its kitty.

As part of the Rs 500 crore MoU, the company recently announced acquisition of a four million sq ft land to develop one of the country's first ever electric vehicle ancillary clusters in Vadodara, which will include lithium ion battery manufacturing, among other things.

"We are offering land to technology vendors who will be offered free land, free infrastructure, electricity and other resources such as skilled manpower as well. These tie-ups will be converted into joint ventures and whatever is produced, majority will be consumed by Wardwizard's Joy Bikes and we may even look at original equipment manufacturing (OEM) for other bike labels," said Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd.

Wardwizard has already seen EV technology and component makers from Bangalore, Chennai, Pune, Japan and Korea evince interest in setting up units in the upcoming ancillary cluster. "The target for commissioning the ancillary unit is 18-20 months at an investment of Rs 1200 crore including land cost, technology and infrastructure, among other things," said Gupte while adding that the investment figure includes Rs 500 crore committed in its MoU with Government of Gujarat.

Further, come February 2022 and the company will be launching three new variants of high speed electric two-wheelers including a cargo model meant for delivery chains. Apart from a carrier with a bucket for holding deliveries, the cargo electric high speed two-wheeler will also boast fleet management software for delivery companies to monitor their fleet. Unlike the current 11 low speed electric two-wheeler models that have a maximum speed of 25 kilometers per hour (kmph) with a range of 65 km on a single charge, the new high speed models can do 55-60 kmph with 100 km range.

Continuing with its expansion plans, the company is expecting approvals for its three-wheeler electric passenger vehicle by March 2022, with production likely to begin by April 2022. While its current plant, which manufactures electric two-wheelers, has an annual capacity of 275,000 units, the new ancillary cluster will house an additional unit for manufacturing electric three-wheeler and future products.

For instance, Wardwizard has also begun research and development (R&D) work on a potential electric four-wheeler product, though the company did not provide any timeline for the same.

Observing an uptick in demand for electric two wheelers across the country largely driven by low speed models, the company has achieved a sales mark of 10,005 units in this quarter, registering a growth of more than 656 per cent compared to the Q3 of FY 2020-21, where the sales stood at 1324 units.

Meanwhile, the company has already sold more than 17,000 units of electric scooters and motorcycles in the first three quarters of this financial year (April- December 2021), logging a growth of 570 per cent as compared to the April-December 2020 period of previous financial year.