Wardwizard Signs MoU With Gujarat Government For e-Vehicle Hub Valued At Rs. 2,000 Crore

Vadodara-based electric two-wheeler maker Wardwizard Innovation and Mobility Ltd. has signed a Memorandum of Understanding (MoU) with the Gujarat government to set up an e-vehicle hub in the city. The MoU is valued at Rs 2,000 crore and will see the company establish Vadodara as the centre for electric vehicles, and will help create over 6,000 new jobs. Wardwizard is the maker of the ‘Joy e-bike’ range of electric two-wheelers. 

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As per the MoU, Wardwizard has acquired 100 acres of land from the state government and plans to establish auxiliary cluster units for battery manufacturing, control unit production, and motor manufacturing. The government will provide free land and infrastructure to vendors setting up the ancillary units and these vendors will be able to sell their products not just to Wardwizard but to other EV players as well. 

The MoU also promises to set up a plant for the manufacturing of lithium-ion battery cells of 1 GHz in a bid to reduce the dependency on China for batteries. The company further revealed that this is its second such association with the Gujarat government. Wardwizard had previously signed an MoU with the state government valued at Rs 500 crore and invested Rs 650 crore at the time. The firm aims to see investments of about Rs 2,000 crore and more this time around. 

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Wardwizard is more popularly known for its electric two-wheeler brand Joy e-bike and largely operates in the electric two-wheeler and three-wheeler space. The company has not revealed its plans for the future but expect to see more high-speed e-scooters coming from the company, apart from commercial offerings.