Wardwizard Innovations & Mobility Ltd., a leading manufacturer of electric vehicles under the 'Joy e-bike' brand in India, signed a Memorandum of Understanding (MOU) with Triton EV, a distinguished U.S.-based electric vehicle manufacturer. This strategic collaboration spans five years and aims to revolutionize the electric vehicle landscape in both India and the UAE.
The MOU signing, a monumental event, took place at the Wardwizard Head Office in Vadodara. Mr. Himanshu Patel, Founder of Triton EV, and Mr. Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, inked this transformative agreement.
Under this strategic alliance, Triton EV has selected WIML as its manufacturing partner for Battery Operated trucks in India and UAE. Furthermore, WIML will expand its manufacturing capabilities to produce Two-wheelers and Three-wheelers for Triton EV. The collaboration emphasizes a shared commitment to fostering the growth of the electric vehicle industry and aligning with the government's vision of enhancing green mobility.
Triton EV's commitment includes the Transfer of Technology for hydrogen battery packs used in two and three-wheelers, coupled with vital technology assistance for setting up production lines and expansion in India.
A unique aspect of this collaboration is the agreement to share respective vendors and suppliers, ensuring a seamless and efficient business operation. Additionally, WIML will play a pivotal role in vendor development for both parties, ensuring a robust and interconnected supply chain.
WIML, in line with its dedication to environmental sustainability, plans to commence the manufacturing of hydrogen battery-operated Trucks, two-wheelers, and three-wheelers in India in coming days in partnership with Triton EV. This ambitious endeavour aligns with the shared vision of both companies to drive innovation and environmental responsibility in the electric vehicle space.
Mr. Yatin Sanjay Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., expressed, "In line with our commitment to grow sustainable mobility and encourage the use of electric vehicles, we are delighted to partner with Triton EV (TEV), one of the leading EV manufacturers in the United States of America. Under the partnership, we are poised to combine our manufacturing expertise with Triton's cutting-edge technology, redefining the electric vehicle landscape in the market. WardWizard shall support TEV in manufacturing electric trucks, two & three-wheelers for the India and UAE market from its state-of-the-art facility in Vadodara. We are confident that this association will boost the 'Make-in-India' initiative and pave the way for advanced products."
Mr. Himanshu Patel, Founder, Triton EV, stated, "This Memorandum of Understanding (MoU) marks a significant milestone in our expansion plan as we enter new markets. India is leading from the front in Evolution, and we are delighted to partner with Wardwizard, which comes with a skilled workforce and one of the best manufacturing capabilities. This association will not only help strengthen our presence across the Indian and UAE markets but will also support the EV industry's growth with advanced products and cutting-edge technology."
The signing of this MOU signifies a substantial leap toward realizing the potential of green mobility solutions in India and the UAE. WIML and Triton EV are poised to contribute significantly to the transformative shift towards electric vehicles, further bolstering the nation's commitment to sustainable transportation.
Shares of Wardwizard Innovations & Mobility Ltd was last trading in BSE at Rs. 50.14 as compared to the previous close of Rs. 50.39. The total number of shares traded during the day was 2297779 in over 8887 trades.
The stock hit an intraday high of Rs. 51.46 and intraday low of 49.35. The net turnover during the day was Rs. 115121435.00.