Wardwizardeyes 100% localisation in electric vehicle manufacturing

The Indian electric vehicle (EV) sector is continuously growing. But it has many issues that need to be resolved overtime. Range anxiety, quality of EV components, and pricing are among the major issues that need to be addressed soon. The Vadodara (Gujarat)-based Wardwizard is working towards resolving these issues through its innovative means. It is working on to have a multiple vendor system which is going to help in a long way. It is now planning for 100 per cent localization in line with the Aatmanirbhar Bharat initiative.

Speaking to Bizz Buzz exclusively, Yatin Gupte, Chairman and Managing Director- WardWizard Innovations and Mobility Ltd, outlines various initiatives being undertaken by the company including developing an EV ancillary cluster in Vadodara to facilitate essential parts manufacturing to take place under one roof, vis-a-vis the current growth trends in the industry.

What is the current trend in the EV industry in India and what is your take on this?

The EV industry is quite aggressively moving on the positive growth curve, and it’s still on the rise. We can expect a lot of developments happening around in the near future. Customer sentiments are changing; therefore, the industry is witnessing that in month-on-month growth. Talking about ourselves, we have been seeing an uptick in our sales. Therefore, we can say that the customers are in the move towards EVs. Not only youth, but we are also witnessing a massive population have a positive sentiment towards EVs, irrespective of age and gender. Public sentiment is also changing towards EVs and people are considering EVs as a preferred choice for their second vehicle.

The push from the government in the form of different schemes such as PLI and FAME is providing a strong base for the local players to rise in this sector. New players are coming up every day and huge investments can be seen in the Indian EV Industry.

What are your thoughts on the FAME-II subsidy issue?

The recent issues surrounding the FAME-II subsidy have brought attention to the need for continuous evaluation and improvement of government policies supporting the electric vehicle industry. While the FAME-II scheme was designed with good intentions to promote EV adoption, there have been some challenges and areas for improvement that have come to light.

It is important for the industry to have open dialogue with the government to address these concerns and work together towards creating a more conducive environment for electric vehicle manufacturers and consumers. By collaborating and finding solutions, we can ensure that subsidies and incentives are structured in a way that truly encourages sustainable mobility and facilitates the growth of the EV market.

These issues have also impacted Wardwizard, as they have influenced the pace of adoption and consumer sentiment. However, we remain positive and resilient in navigating through these challenges. We are continuously innovating and improving our offerings to provide exceptional value to our customers, and we are confident in the long-term growth potential of the electric vehicle industry. With our commitment to quality, innovation, and customer satisfaction, we are well-positioned to overcome any hurdles and continue our upward trajectory in the market.

How has been your overall journey in this space?

Wardwizard embarked on its journey in the EV industry in 2016. The company entered the electric scooter market in 2018 with the launch of its first low-speed electric scooter called 'Butterfly' under the Joy e-bike brand. In 2019, Wardwizard expanded its product range by introducing five more electric scooters in the low-speed segment. This year also marked a significant milestone for the company as it became the first EV manufacturer in India to be registered on the BSE (Bombay Stock Exchange). Within a span of five years, Wardwizard transitioned from manufacturing electric bicycles to establishing Joy e-bikes as a well-known brand in the industry. In January 2021, the company inaugurated its first manufacturing plant in Vadodara, further solidifying its market presence.

In February 2022, Wardwizard took a significant step towards strengthening its position in the rapidly growing high-speed electric two-wheeler segment. Building on its momentum, in January 2023, Wardwizard expanded its offerings to include premium high-speed two-wheelers with the launch of MIHOS, a 'Made-in-India' product. Additionally, we introduced their pioneering three-wheeler, Joy e-rik, further diversifying their product line-up and catering to a wider range of customers.

What have been your key objectives?

Our objective in the EV journey encompasses three main areas: feasibility, availability, and responsibility. With the growing awareness of climate change and health concerns, we have witnessed a positive shift towards green mobility among people nationwide. In India, two-wheelers contribute to over 60 per cent of the overall EV sales, followed by three-wheelers. In the fiscal year '23, we sold more than 35,000 electric two-wheelers, and we have even higher targets for the fiscal year '24 due to the increased demand and awareness.

The increasing demand directly impacts the feasibility and availability of electric vehicles. Therefore, our major focus is on technology development. We are actively working on establishing an EV ancillary cluster in Vadodara, where essential part manufacturing will be consolidated under one roof. This initiative encompasses the production of chargers, batteries, motors, and chassis, among other critical components. By implementing the EV ancillary cluster, we aim to enhance the efficiency of our supply chain, giving us a competitive edge in the industry.

Localization is a primary objective for Wardwizard as we strive to be a significant player in the EV market. The EV ancillary cluster will serve as a major hub for components, catering to various EV manufacturers across the industry. This step will reduce the dependence on foreign sources for components and enhance the self-sufficiency of the EV ecosystem in India.

Where do you have your manufacturing facility and what is the capacity like?

Our flexible and scalable manufacturing operations at our Vadodara facility are geared towards meeting the rising demand for EVs, particularly electric two-wheelers. To accommodate this demand, we have expanded our annual production capacity from one lakh units to two lakh units in a single shift. Additionally, we have implemented a new automatic assembly line in our facility to enhance production efficiency. In response to market demand, we have the capability to further increase our production capacity up to 6 lakh units annually by operating three shifts.

What are the products you currently have, and what are in the pipeline?

Currently, we have an extensive product line-up consisting of 12 electric two-wheelers. This includes 5 models in the low-speed segment and 7 models in the high-speed segment. We take pride in offering a diverse range of options to cater to different customer preferences. In our high-speed range, we have introduced remarkable models such as the MIHOS scooter, which represents our foray into the premium segment. Additionally, we have the Wolf+ and Gen Next Nanu+ scooters, which have received positive feedback from our customers.

Continuing our commitment to innovation, we have recently launched Del Go, a fleet management vehicle designed specifically for our experience centers. This vehicle serves as a testament to our dedication to providing holistic solutions for our customers' mobility needs.

Furthermore, we have expanded our product portfolio to include the electric three-wheeler segment with the introduction of the Joy e-rik in the L5 category. This three-wheeler offers a reliable and efficient solution for commercial purposes.

As part of our growth strategy and in response to the increasing demand for electric vehicles, we have exciting plans to enter new segments. By 2025, we aim to introduce a four-wheeler, expanding our offerings to cater to a wider range of customers and further establish our presence in the EV industry.

And your future plans?

Wardwizard plans to invest Rs 650 crore to ramp up Li-ion technology and infrastructure, among others, to meet the increased demand. The industry is also showing very positive signs. There is an expectation that the industry will grow multi-fold every year. For FY’24, we are in process of developing an EV ancillary to give a boost to in-house component production.

We have plans to set up an R&D center and an assembly plant to set up the 1GWh cell production plant at our electric vehicle ancillary cluster in Vadodara. Further, we have already setup 1GWh battery production line in our ancillary cluster.

We have already tied up with Singapore-based renewable energy management consulting firm Sunkonnect to do a feasibility study and identify the potential partner for production processes.

Wardwizard currently sells both high-speed and low-speed electric two-wheelers. Last year, the company sold more than 35,000 units. We also have plans to develop a budget electric four wheeler as per Indian needs. Work has started towards its R&D and will showcase our first prototype by 2025.