Mumbai, September 07, 2024: Wardwizard Innovations & Mobility Limited (WIML), one of the leading manufacturers of electric vehicles under the brands ‘Joy e-bike’ and ‘Joy e-rik’, today announced that the company has received a Letter of Intent (LOI) from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud to form a Joint Venture in the Kingdom of Saudi Arabia (KSA). This strategic collaboration marks a significant step in Wardwizard’s global expansion and commitment to sustainable mobility solutions.

A comprehensive feasibility study has already been completed, confirming the viability of these ventures in Saudi Arabia. The positive outcome of this study supports Wardwizard’s decision to proceed with the Joint Venture, which aligns with the KSA’s vision for sustainable development.

Commenting on this milestone, Mr Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Limited, said, “We are honoured to receive this Letter of Intent from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud. This partnership is a significant endorsement of our 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.”

The proposed Joint Venture involves setting up two plants in Saudi Arabia, which shall include:-

·         Assembly Plant: An assembly plant for electric two-wheelers, three-wheelers and four wheelers with plans for future expansion to include the production of electric buses.

·         EV Cells Plant. A dedicated plant focused on the production of electric vehicle cells

Wardwizard Innovations will outline its proposed investment and stake in the Joint Venture, demonstrating its strong commitment to supporting sustainable mobility in the Kingdom of Saudi Arabia.

As part of the Joint Venture, Wardwizard Innovations will bring its technological expertise and intellectual properties (IPs), including its advanced EV technologies and innovative manufacturing processes. These contributions are expected to strengthen the joint venture’s position in the growing EV market and support Saudi Arabia’s transition towards an environmentally friendly transportation ecosystem.

The Joint Venture will leverage Wardwizard’s expertise in electric mobility to support Saudi Arabia’s transition towards a greener and more sustainable transportation infrastructure.