Home Manufacturer fund Electric vehicle maker WardWizard to invest Rs 150 cr over next 6 months, Energy News, ET EnergyWorld

Electric vehicle maker WardWizard to invest Rs 150 cr over next 6 months, Energy News, ET EnergyWorld

Mumbai: Electric vehicle maker WardWizard Innovations & Mobility plans to invest Rs 150 crore in the company over the next six months as it seeks to accelerate technology and infrastructure, among others, to meet the demand growing demand, said a senior company official. The Vadodra-based manufacturer sells its electric scooters and bicycles under the “Joy e-bike” brand, which includes five high-speed vehicles and five in the low-speed category.

The company saw its vehicle sales increase to a record 435 percent to 2,001 units in August from 374 units in the same period a year ago.

The company will foray into more segments than products, including an electric rickshaw in the passenger segment and an electric four-wheeler, according to the official.

“Over the past four years, we have invested around Rs 250-275 crore each year. Considering the demand over the next 1-2 years, we are likely to invest around Rs 150 crore over the next six months, this that we will be used to accelerate our technology, infrastructure and better localization, ”Yatin Gupte, president and CEO of WardWizard Innovations & Mobility told PTI during an interaction.

He said 50 percent of the funds would be raised in the market and the remaining half would be injected by developers, adding that “We have started to approach the market.”

The demand for electric vehicles, especially in rural markets, has increased as there are now huge incentives for consumers due to a host of factors including rising fuel prices and various state governments distributing fuel. subsidies between 15,000 and 20,000 rupees per vehicle under their respective electric vehicle. policies, a separate subsidy of 15,000 rupees per kWh under the central government’s FAME-II program, he said.

“The industry is showing very positive signs and I expect the industry to multiply each year,” Gupte said.

“We were selling around 1,000 units in January, which went up to 4,000 to 5,000 units per month. This month we are producing around 3,500 vehicles while for October we have already scheduled deliveries of 8,000 vehicles. In November, we deliver around 9,000 vehicles. So that’s the traction we’re getting, ”Gupte said.

The rural market, with Class B cities, currently accounts for 60 percent of demand while the remaining 40 percent comes from other places, including metropolitan cities, he said, adding that “there is There is now traction generated at the lower level. the traction or vision we had 5 or 6 years ago to enter rural India is finally taking shape. ”

Explaining the “surprising” trend in the growing acceptance of electric vehicles in the rural market, he said that saving Rs 3,000-4,000 on gasoline prices is a “huge” for rural people compared. to urban dwellers, resulting in higher volumes. .

Gupte said the company is also looking to reduce the delivery time to 22 days in November after successfully reducing it to 32-35 days last month, from around 40 days earlier.

“Rather than products, we are entering a new segment, the three-wheel passenger segment for which R&D work has been completed and we hope to get ARAI approval by November. So by January we would be in the mass production of electric rickshaws, “Gupté said.

In addition, the company has already received approval for a high-end electric scooter with a cart for e-commerce applications, which is expected to begin mass production soon, he said.

“In three years, we plan to release a four-wheeled vehicle. We are in primary discussions with some technology companies, but it will take time because currently the charging infrastructure is more important than the products,” he said. declared.

“By 2024, we forecast a 25% market share in electric scooters and 15% in electric rickshaws,” he said.

The company can make vehicles at 1.50 lakh per year in a single shift, he said, adding that it had not increased it because it expected demand to increase gradually.

“But that sudden spike in three months has forced us to increase the capacity which is currently around 10,000 units per month. We have already increased it in the last 45 days,” he said.

Stating that WardWizard will have 100% localization in its vehicles by December of this year, he said, “We have already started acquiring companies that are part of the EV ecosystem. We are also in talks with some battery manufacturers where we can acquire or acquire businesses. ”

“We are developing an MBS battery management system, which is in the final stages and we have already started to develop even chassis, chassis, steel and plastic components in India,” he said.