Targets E2W sales to hit 1.2 lakh units in 2022, up from 19,000 in 2021
WardWizard Innovations & Mobility Ltd, a BSE-listed electric two-wheeler manufacturer, charts a major growth programme, under which it plans to introduce four new high-speed electric scooters and enter the electric three-wheeler segment, as the adoption of electric two- and three-wheelers gathers pace in the country.
The company sold close to 19,000 e-two wheelers in 2021. It witnessed a significant surge in sales in the post-second wave period as it sold 17,376 electric scooters and motorcycles during April-December 2021, an increase of 570 per cent over the year-ago period. The December quarter alone saw total sales of more than 10,000 units, its highest-ever quarterly sales number.
“Considering the growth momentum in the last three consecutive months, we are confident of selling more than 25,000 units for FY22. Also, we have set a target to sell more than 1.5 lakh units of electric 2-wheelers in 2022,” Yatin Gupte, Chairman and Managing Director, WardWizard Innovations and Mobility, told BusinessLine.
He said the company would be ramping up its dealer network and entering the southern, northern and eastern markets soon to support the growth plan.
“We are coming up with 4 new high-speed scooters (with speeds higher than 25 km/hr) by March, given the high demand for such products. We will also be entering the electric 3-wheeler market. The priority now is to increase production. This is an important to achieve the targets which we have placed for ourselves, he added.
In 2021, the overall registered high-speed scooter sales in India zoomed to about 1.43 lakh units, up from 27,206 in 2020, recording an increase of 425 per cent.
Product quality, our USP
Gupte said the product is of high priority and the strategy will be simple. It will launch quality products based on customer needs to gain trust and establish the brand.
“Our R&D team is in the process of developing and implementing the algorithms for proper quality checks of the parts which are coming from our vendors. We have developed products based on road conditions in Tier-2 and Tier-3 locations. We have not received any serious complaints from our customers. Product quality will be our USP and we intend to deliver durable products,” he said.
As part of the growth strategy, the company is also developing an EV ancillary in Vadodara, Gujarat to facilitate the production of key components under one roof. Chargers, batteries, motors, chassis are among the key parts that are produced under the above initiative.
“EV ancillary will help increase the efficiency of our supply chain and give us an advantage over our players in reducing the delivery times of our vehicles. To support this, talent and skill development will also be accorded top priority,” he said.
Source: The Hindu – BusinessLine