Wardwizard Innovations & Mobility Ltd., one of India's leading manufacturers of electric two-wheelers under the brand name "Joy e-bike", commenced the operations of a lithium-ion battery assembly line with a capacity of 1 GWh/year. This move comes under the Phase 1 development of Wardwizard's 'Make in India' initiative.
Under the phased development plan of the EV ancillary cluster, the battery assembly line with a capacity of 1 GWh/year is a strategic move on the part of the company. It has been done with a vision to ensure the highest quality standards where the company can have direct control on the quality and standards of their battery packs. Further, with this move, the company has taken a step to solidify its contribution to the existing EV ecosystem. The company has accomplished the target of rolling out the first batch of assembled battery packs recently from this unit.
Elaborating about the development, Mr. Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd. commented, "We are pleased to announce the commencement of our battery assembly line, which was an integral target for FY' 2022-2023. As we are observing rising demand for EVs, quality and safety are of utmost priorities, and with our in-house battery assembly line, Wardwizard is a step closer to contributing to the EVolution. This step will further make EVs more affordable than before. We are actively working on scaling the capacity of our battery assembly and starting the manufacturing of other components, including chassis, motors, and steel parts, as well as lithium-ion cells, in the near future."
The company further plans to expand its R&D operations and production of electronic components in the EV Ancillary Cluster.
Shares of Wardwizard Innovations & Mobility Ltd was last trading in BSE at Rs. 56.64 as compared to the previous close of Rs. 54.85. The total number of shares traded during the day was 760697 in over 3696 trades.
The stock hit an intraday high of Rs. 57.50 and intraday low of 53.00. The net turnover during the day was Rs. 42100407.00.