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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.
The company has accomplished the target of rolling out the first batch of assembled battery packs recently from this unit.
Yatin Gupte, chairman and managing director of Wardwizard Innovations & Mobility 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. 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."
Wardwizard Innovations & Mobility is an auto manufacturing companies in the electric vehicle (EV) segment under the brand name Joy E-Bike. With more than 10 models in its portfolio in both high and low-speed categories, the company has presence in more than 55 major cities across India and aspires to boost this number throughout the country.
On a consolidated basis, the company's net profit rose 17.13% to Rs 3.36 crore on 20.17% increase in net sales to Rs 69.83 crore in Q3 December 2022 over Q3 December 2021.
The scrip was down 0.92% to Rs 56.12 on the BSE.
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