Indian EV maker Wardwizard bags $1.29 billion order from Philippines firm
Wardwizard Innovations & Mobility (WIML), an Indian electric vehicle (EV) company known for its Joy e-bike, on Friday said it has secured a $1.29 billion order from Beulah International Development Corporation, a Philippines firm.
The agreement, signed through a Memorandum of Understanding (MoU), will see WIML deliver its existing electric two-wheeler and three-wheeler models to the Philippines, alongside developing new four-wheeler commercial vehicles specifically for the Philippines market.
WIML’s current production capacity is 4-6 lakh two-wheeler units and 40,000-50,000 three-wheeler units per year. With the order valued at Rs 10,800 crore, fulfilling it is expected to take three years.
This collaboration aligns with the Philippines government’s Public Utility Vehicle Modernization Program (PUVMP), which seeks to replace outdated gasoline and diesel vehicles with cleaner electric alternatives.
“We are grateful to Beulah International and RPConnect for their trust in our technology and product range,” said Yatin Gupte, Chairman & Managing Director of WIML.
“This collaboration signifies India’s growing importance in the global electric mobility market. We are thrilled to introduce our electric two-wheeler scooters and develop new electric three-wheeler models, electric mini trucks, and golf carts specifically for the Philippines,” he said.
Meanwhile, Nadia Arroyo, President of Beulah International Development Corporation, emphasised the economic benefits of the partnership.
“Wardwizard’s innovative EV solutions will significantly transform public transportation in the Philippines,” she said.
“We are excited to facilitate electric vehicle sales and distribution across the country. This initiative will not only revolutionise transportation but also create new jobs and attract substantial investment to support the Philippines’ local economy over the next decade,” Arroyo said.
First Published: Jun 07 2024 | 8:02 PM IST