Riyadh - Sharikat Mubasher: India’s electric vehicle (EV) maker Wardwizard Innovations and Mobility received a letter of intent (LOI) to form a joint venture (JV) in Saudi Arabia.
In a statement, the company revealed that the JV will include establishing an assembly plant and another EV cells plant in the Kingdom. The assembly plant will focus on electric two-wheelers, three-wheelers, and four-wheelers, with plans to include electric buses, while the EV cells plant will be dedicated to manufacturing EV cells.
This JV came as part of Wardwizard Innovations’ global expansion plans and underscored the company’s commitment to promoting sustainable mobility in the Kingdom, in alignment with the Saudi Vision 2030.
Wardwizard Innovations will outline its proposed investment and stake in the JV, and harness its technological expertise and intellectual properties, including advanced EV technologies and innovative manufacturing processes, to strengthen the JV’s position in the growing EV market.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations and Mobility, said that the JV represents a significant endorsement of the company’s capabilities in the electric mobility sector.
“With the completion of the feasibility study, we are confident that this joint venture will contribute to the Kingdom’s vision for a sustainable future while strengthening our global presence,” Gupte added.
Wardwizard Innovations and Mobility is a leading EV manufacturer of eco-friendly electric scooters and vehicles.