Wardwizard to Transform Philippines Public Transport with $1.29B Deal

On June 7, 2024, Wardwizard Innovations & Mobility Limited (WIML), a well-known maker of electric vehicles in India, received a significant order worth $1.29 billion from Beulah International Development Corporation, a respected company in the Philippines supported by RP Connect.

WIML will supply its existing products, such as electric bikes and rickshaws, and develop electric cars for commercial use in the Philippines. This order is part of a partnership to transform the Philippines’ public transportation system using electric vehicles.

The Memorandum of Understanding (MoU) was signed by Mr Shreyas Kurhekar, who heads Production and Business Development (Exports) at Wardwizard Innovations & Mobility Limited, and Ms Nadia Arroyo, President of Beulah International Development Corporation, in the presence of other respected members from both companies. This partnership aims to change public transportation in the Philippines by introducing advanced electric vehicle technology.

Yatin Gupte, the Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, expressed his excitement about the partnership, saying, “We’re grateful to Beulah International and RPConnect for believing in our technology and strong product lineup. India is emerging as a leader in electric mobility worldwide, and partnerships like this show our commitment to that goal. This opportunity allows us to introduce our advanced electric scooters and develop various electric vehicles tailored for the Philippines market, including electric trikes, mini trucks, and golf carts.”

The collaboration supports the Philippine Government’s Public Utility Vehicle Modernization Program (PUVMP), which aims to enhance daily transportation services by replacing old petrol and diesel vehicles with modern electric ones. This initiative, led by the Department of Transportation, seeks to make transportation safer and more efficient.

In a joint statement, Wardwizard Innovations and Beulah International affirmed their dedication to the future of transportation in the Philippines. They expressed their readiness to actively contribute to that future, working harmoniously with the government and local communities.

About Wardwizard Innovations & Mobility Limited

Wardwizard Innovations & Mobility Limited is a top Indian auto manufacturing company known for its electric vehicles sold under the brand Joy e-bike. It’s the first electric vehicle manufacturer listed on the BSE, focusing on India’s EV sector growth.

On June 7, 2024, Wardwizard Innovations & Mobility share price opened at ₹51.99, touching the day’s high of ₹52.75 as of 3:30 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.