WardWizard Innovations and Mobility signs MoU with the Government of Gujarat

#Wardwizard #ElectricVehicles #JoyEBike #GreenMobility

Source: WardWizard

Announces investment of Rs. 500 crore to facilitate the growth of the electric vehicle industry creating Electric Vehicle Ancillary Cluster

December 2021: WardWizard Innovations and Mobility Ltd (manufacturer of electric two-wheelers brand ‘Joy e-bike’) has signed a Memorandum of Understanding (MOU) with the Gujarat government to invest Rs. 500 crore. The agreement aims to foster the growth of the electric vehicle industry and meet the government’s vision of strengthening green mobility in the state.

The signing ceremony of MoU with the Gujarat Government took place as part of Vibrant Gujarat Global Summit 2022 in Gandhinagar. As part of the agreement, WardWizard would invest Rs.500 crore on research and development of electric 2 & 3 wheelers, setting up the motor assembly at Vadodara’s facility, and developing ancillaries to manufacture raw materials. The company will also generate more than 6000 jobs in the state.

Elaborating on the MoU, Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, “The investment would help in strengthening the development and boost the ‘Make-in-India’ vision while promoting local vendors during this electric mobility revolution. The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers. EV Ancillary will work as a solution and ease the supply chain while decreasing the dependency on imports. As we are at the cusp launching our new high-speed two-wheelers and electric three-wheelers, the investment will help in reinforcing our R&D and marketing activities.”