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.
Source: ETAuto.com
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