WardWizard Mobility inks MoU with Gujarat Government to facilitate growth of Electric Vehicle industry

The company will invest Rs 500 crore in R&D, setting up a motor assembly facility and developing raw material manufacturing capability for auto ancillaries.

WardWizard Innovations and Mobility, one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’, signed a Memorandum of Understanding (MoU) today with the Gujarat government to invest Rs 500 crore. 

As part of the agreement, WardWizard would invest Rs 500 crore in research and development of electric two and three-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. 

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. 

Elaborating on the MoU, Yatin Gupte, Chairman and Managing Director at Wardwizard Innovations & Mobility stated that the investment would help in strengthening the development and boost the ‘Make-in-India’ vision while promoting local vendors during the electric mobility revolution. 

WardWizard Innovations & Mobility is a leading auto manufacturing company in the Electric Vehicle (EV) segment under the brand name Joy E-Bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, the company is mainly focused on the growth potential in the Indian EV segment to provide clean and greener alternatives to the existing usage of mobility. 

At market close on Monday, the stock of WardWizard Innovations and Mobility closed at Rs 69.50, down by 1.42 or Rs 1.00 per share against a 2.09 per cent decline in the benchmark BSE Sensex. The 52-week high of the scrip is recorded at Rs 98 and the 52-week low at Rs 40.38 on the BSE.