Latest News | Wardwizard Inaugurates New Manufacturing Plant for Electric Two-wheelers

Ahmedabad, Jan 28 (PTI) Wardwizard Innovations & Mobility Ltd's new plant at Vadodara with an annual manufacturing capacity of over 1 lakh electric two-wheelers was inaugurated on Thursday by Home Minister Amit Shah.

Wardwizard has invested around Rs 45 crore in the new plant at Vadodara.

Under its brand Joy e-bike, the company has also launched four new models of high-performance electric bikes — Beast, Thunderbolt, Hurricane and Skyline.

The new plant is estimated to generate around 6,000 direct and indirect employment opportunities, according to a company release.

Virtual inauguration ceremony of the new plant was conducted by the home minister on Thursday, the release said.

Inspired by Atmanirbhar Bharat and Make in India campaigns by Prime Minister Narendra Modi, Wardwizard Group is happy to complete the expansion in a short time, Wardwizard Group Chairman and Managing Director Yatin Gupte said.

"We intend to manufacture all the parts and components of the electric bikes right from the chassis to batteries," Gupte added.

With the growing demand for electric bikes, the company expects to grab 25 per cent market share of the overall EV two-wheeler segment by the year 2025, he said.

The new facility has the capacity to manufacture over 1 lakh units of electric bikes per year in the first phase, which can be gradually expanded to 3-4 lakh units per year with 2-3 shifts.

India sold 1,56,000 electric vehicles in 2019-20; out of which, 1,52,000 were 2-wheelers.

According to a report of Avendus Capital, the market for the electric two-wheeler segment could grow to Rs 12,000 crore by 2024-25.

It expects 9 per cent penetration of electric two-wheeler by 2024-25, which with the right macroeconomic environment has the potential to even grow to 16 per cent. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)