WardWizard to invest up to ₹500 crore in Gujarat to develop electric vehicles
WardWizard Innovations and Mobility Ltd on Monday announced that it will invest up to ₹500 crore in Gujarat for the development of the electric vehicle segment. The maker of Joy e-bike signed a memorandum of understanding (MoU) with the state government to stimulate the growth of the electric vehicle industry in the state.
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Both the parties inked the MoU during the Vibrant Gujarat Global Summit 2022 that was held in Gandhinagar. Under the partnership, WardWizard will invest in the research and development of electric two- and three-wheelers, set up motor assembly at its Vadodara facility, and develop ancillaries to manufacture raw materials. This initiative will also generate over 6,000 jobs in the state.
Development of EV ancillaries will act as a solution in easing the supply chain disruptions while also decreasing the dependency on imports. “The supply chain is under immense pressure with the growing demand for electric vehicles, especially two-wheelers," said Yatin Gupte, chairman and managing director of Wardwizard Innovations and Mobility.
The EV investment by the company will also help boost the 'Make-in-India' vision of the government while promoting local vendors as well as propelling the shift towards electric mobility.
As Gujarat looks to contribute to India's shift towards greener transportation, the state, in October, launched 'Go-Green' scheme aimed at encouraging the adoption of electric vehicles, reducing fuel bills and supporting the environment by curbing vehicular emissions. Under the scheme, the state's construction and industrial workers are provided with electric two-wheelers at a subsidised rate.
Any worker of the organised sector such as an industrial labourer can avail a subsidy of 30 per cent on the price of the electric vehicle or a subsidy of ₹30,000, whichever is less. The subsidy for the workers in the construction sector has a different criteria, they can avail a 50 per cent subsidy or a discount of ₹30,000, whichever is less, on their battery-powered two-wheeler ride.