Electric vehicle maker WardWizard Innovations &
Mobility plans to invest Rs 1.5 billion in the business in the next six months
to ramp up technology and infrastructure, due to increased demand.
The Vadodra-based manufacturer sells its e-scooters
and bikes under the 'Joy e-bike' brand, which include five high-speed vehicles
and five in the low-speed category.
The company saw its vehicle
sales surging by a record 435% to 2001 units in August over 374 units in the
same period year-ago. The
company will foray into more segments than products, including an e-rickshaw in
the passenger segment and an e-four-wheeler, according to the official.
Yatin Gupte, Chairman and Managing Director,
WardWizard Innovations & Mobility, said that, the demand for EVs,
particularly in the rural markets, has spiked as there are huge incentives now
available to consumer owing to a host of factors including the rising fuel
prices and various state governments doling out subsidies between Rs
15,000-20,000 per vehicles under their respective EV policies.
The rural market, with B class cities, currently
accounts for 60% of the demand while the remaining 40 per cent from other
places including metro cities. He added that, the company is also looking to
reduce the delivery period to 22 days in November after successfully bringing
it down to 32-35 days last month from around 40 days earlier.
The company has already received approval for a
high-range e-scooter with a cart for the e-commerce applications, with its mass
production expected to start soon. He also said that, three years from now, Wardwizard is planning to come out with a four-wheeler and are in
primary discussions with some technology companies but it will take time as, at
present charging infrastructure is more important than products.
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