The EV maker bolsters the local ecosystem, creating 5,000 job opportunities and contributing to a more sustainable, self-reliant India
Vadodara-based electric vehicle (EV) manufacturer Wardwizard Innovations & Mobility has inked an initial agreement with the government of Gujarat to invest Rs 2,000 crore by 2024 in the development of an EV ancillary cluster.
This substantial investment will be dedicated to the research and development of electric two and three-wheelers, the establishment of a motor assembly unit at Wardwizard's Vadodara manufacturing facility, lithium-ion (Li-ion) cell production, and the creation of ancillary components for raw material manufacturing, as per a statement by Wardwizard Innovations & Mobility.
This collaborative effort is anticipated to open up more than 5,000 employment opportunities in the state. Wardwizard stated that this agreement will play a crucial role in nurturing the growth of the EV industry and aligning with the government's vision of promoting environmentally friendly transportation in the region.
Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd., expressed, "This memorandum of understanding (MoU) reaffirms our dedication to electric mobility. With a significant Rs 2,000 crore investment, we are bolstering the local ecosystem, creating 5,000 job opportunities, and contributing to a more sustainable, self-reliant India."