Wardwizard aims 25% share in EV market

Wardwizard started by launching electric bikes under the brand name Joy, followed by two low-speed models Nanu E-Scooter Honeybee and Nanu E-Scooter Butterfly.

By:April 10, 2021 7:29 AM

Wardwizard Innovations & Mobility, the first company listed on the BSE under the electric vehicle (EV) category, has said it aims to achieve 25% of the overall EV market in India. With a market capitalisation of about Rs 1,800 crore, Wardwizard has set up a manufacturing plant with a production capacity of 9,000 EVs per month in Vadodara, Gujarat, and said it has four new high-speed bikes.

Yatin Gupte, CMD, Wardwizard Group, said, “We are bullish about the EV market in India, as the potential is huge. The market is vast and we are geared up for it. Our manufacturing plant has a capacity of over 1 lakh electric two-wheelers in a single shift; and the plant is equipped to produce 3-4 lakh units per year when working full capacity. With the growing demand for electric bikes, we expect to grab 25% market share of the overall EV two-wheeler segment by 2025. In the next 3-4 years, the company has set a revenue target of Rs 500-600 crore, enter the electric three-wheeler segment, as well as expand the footprint in Europe, Africa and the Middle East.”

Wardwizard started by launching electric bikes under the brand name Joy, followed by two low-speed models Nanu E-Scooter Honeybee and Nanu E-Scooter Butterfly. In 2019, it introduced Gen Nxt Nanu E-Scooter, Wolf, Glob and Monster. In 2021, it launched four high-speed models: Hurricane, Thunderbolt, Skyline and Beast.

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