WardWizard Innovations & Mobility Ltd. to double

WardWizard Innovations & Mobility Ltd. to double 

the production capacity by October 2021

 Expecting the highest ever sales in the festive season

WardWizard Innovations and Mobility Ltd. (BSE Code: 538970)– a leading manufacturer of electric two-wheeler brand ‘Joy e-bike’ today announced to set up an automatic assembly line at its Vadodara unit to double the production capacity. 

Considering the growing demand for EVs, majorly driven by the electric two-wheelers, the company’s new automatic assembly line will become operational from October 2021, increasing its annual production capacity from one lakh units to two lakh units in a single shift. The production capacity can be further ramped up to 6 lakh units annually with three shifts depending on the market demand.

Another noteworthy fact is that the company is planning to expand its reach with more than 750 dealerships by the end of this financial year. At present, it has 400 dealerships across the country in tier-I, II and III cities.

In August 2021, WardWizard achieved its highest ever monthly sales of 2000 units and registered the order of more than 5000 units. As EVs are becoming essential, the company is further optimistic about achieving record-breaking numbers in the festival season.

Commenting on the expansion, Mrs. Sheetal Bhalerao, Chief Operation Officer, WardWizard Innovations and Mobility Ltd, said, “We are committed to increasing the availability of Joy e-bike electric scooters and motorcycles across the markets. Increased awareness and push from the government has created the demand for electric mobility in India.   As per our market study, most of the states in the northern region are adopting sustainable mobility. That’s why our prime focus is to strengthen our foothold in growing markets. We are also planning to introduce our new products by the end of this fiscal. An automatic assembly line will help to boost our production capacity. We are expecting the highest ever growth in the coming festive season."

WardWizard Innovations & Mobility achieves

 WardWizard Innovations & Mobility achieves
highest ever monthly sales in August 2021

 Dispatches more than 2,000 units, recorded with 435% growth YoY

Continuing with its strong sales performance, WardWizard Innovations and Mobility Ltd (BSE Code: 538970) – one of the leading manufacturers of electric two-wheelers brand ‘Joy e-bike’ registered highest ever monthly sales in August 2021.

Led by the demand for its popular product portfolio, the company sold 2001 units of electric scooters and motorcycles in the month, registering a growth of 435% over the corresponding month of the previous year (August 2020), when the company had sold 374 units.

The company has further observed a strong rebound of sales with a growth of 112% as compared to last month (July 2021) where the sales stood at 945 units

Noteworthy, the company has also received the highest ever booking order of more than 4500 units, backed by the demand for low-speed electric two-wheelers.

Commenting on the highest ever monthly sales, Mr Yatin Gupte, Chairman & Managing Director, WardWizard Innovations and Mobility Ltd, said, “Our primary focus for the current financial year is to strengthen our market presence in every part of the country as we are witnessing good growth in demand for our entire product portfolio. Further, the inquiries have increased significantly and, we have received high booking orders across our dealerships especially in markets like Gujarat, Madhya Pradesh, Maharashtra, and Rajasthan. As electric two-wheelers are becoming the most preferred choice of the customers, we are expecting the highest ever growth in the coming festive season.”

Highlights of August 2021

Network Expansion	·         Inaugurated 20 new dealerships in Gujarat ·         Entered Assam market with two exclusive dealerships in Guwahati ·         The company has now more than 400 touchpoints across the country
Financial results for the Q1 (April- June 2021) of FY’22	·         Announced the results for Q1 FY’22, clocking the revenue growth of 228% at Rs.115.30 Mn.