Electric vehicle maker Wardwizard Innovations & Mobility aims to launch an electric car priced under Rs 10 lakh next year in partnership with a global brand, chairman and managing director Yatin Gupte told FE.
The launch of the five-door, five-seater battery electric car will take place in the July-September quarter.
A host of EV companies based in eastern Asia, including VinFast and Foxconn and others from China, are keen on entering the EV market in India.
India currently has just two electric cars priced below Rs 10 lakh – MG Comet and Tata Tiago. Hyundai had previously spoken about a sub `10 lakh car. Renault also has plans to get the electric Kwid to the country under Rs 10 lakh in the next few years.
Wardwizard also aims to enter other automotive segments besides electric cars. The company plans to venture into the 0.6-1.5 tonne mini electric truck segment.
By end-February, the first of its products will hit the market, while the company will start with a 3.5-4.5 tonne truck and a 26-seater bus by the end of next year.
Earlier this month, Wardwizard announced a tie-up with US-based Triton for producing electric trucks for domestic and UAE markets. Besides being a contract manufacturer for Triton, the Indian company will also be developing suppliers and vendors for them for powertrain.
Electric two-wheelers, Mumbai-based Wardwizard’s traditional business, will also see enhancements. The company is in the advanced process of getting certification for benefits under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) and a couple of product launches are planned over the next few months.
The company is expanding capacity for the electric three-wheeler models as well. From around 15,000 units a year, the capacity would be raised to 150,000 units a year. A new factory making the three-wheelers would be ready in six months with an investment of Rs 90-100 crore.
A small EV battery making plant of 1 gigawatt, including battery cells, will start production in the next 20 months, entailing an investment of `580-600 crore. In all, Rs 2,000 crore- Rs 2,500 crore would be spent by the company on its various projects.
“We are in the process of raising funds in the form of debt, equity and ADRs. In the next 3-4 months, we would be well-equipped with funds. Debt would be 35-40%, the rest would be bond and equity. We are not looking at diluting promoter’s stake in the company at the moment,” Gupte said.