WardWizard Innovations & Mobility Ltd. to double the production capacity by October 2021

WardWizard Innovations and Mobility Ltd. (BSE Code: 538970) - leading manufacturer of electric two-wheeler brand 'Joy e-bike' today announces to set up an automatic assembly line in its Vadodara based manufacturing plant to double the production capacity.

The new automatic assembly line will be operational by October 2021. In the month of August, Wardwizard Innovations had sold more than 2000 units and has registered booking of more than 5000 units. Considering the growing demand of EVs, WardWizard Innovations is setting up the target of manufacturing 2 lakh units in a single shift annually, which is presently at 1 lakh units annually. Which can be ramped upto 6 lakh unit annually in 3 shifts.

At present, the company has more than 400 dealerships across the country in tier-I,II and HI cities and is expecting to reach around 750 dealerships by end of this financial year.

Commenting on the expansion, Mrs. Sheetal Bhalerao, Chief Operation Officer, WardWizard Innovations and Mobility Ltd said, "We are committed to increase the availability of Joy e-bike electric scooters and motorcycles across the markets. Increased awareness and push from the government has created the demand in electric mobility in India. As per our market study, most of the states in 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, productivity & turnaround time of production. We are expecting the highest ever growth in the coming festive season."

Shares of WARDWIZARD INNOVATIONS AND MOBILITY LIMITED was last trading in BSE at Rs. 76.9 as compared to the previous close of Rs. 76.75. The total number of shares traded during the day was 137797 in over 1463 trades.

The stock hit an intraday high of Rs. 78 and intraday low of 75.25. The net turnover during the day was Rs. 10636735.

Source : Equity Bulls

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