Indian EV Company Wardwizard bags $1.29 billion order from Philippines

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The agreement, signed through a Memorandum of Understanding (MoU), will see WIML supply the Philippines with its existing electric two-wheeler and three-wheeler models.

Indian electric vehicle (EV) manufacturer Wardwizard Innovations & Mobility (WIML), known for its Joy e-bike, has secured a massive $1.29 billion order from Beulah International Development Corporation, a Philippines firm.

The agreement, signed through a Memorandum of Understanding (MoU), will see WIML supply the Philippines with its existing electric two-wheeler and three-wheeler models. WIML will also develop new four-wheeler commercial vehicles specifically designed for the Philippines market.

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This collaboration aligns with the Philippines government’s Public Utility Vehicle Modernization Program (PUVMP). The PUVMP aims to replace aging gasoline and diesel vehicles with eco-friendly electric alternatives, reducing emissions and improving air quality.

“We are grateful to Beulah International for their trust in our technology and product range,” said Yatin Gupte, Chairman & Managing Director of WIML. “This deal signifies India’s growing role in the global electric mobility market.”

WIML, known for its popular Joy e-bike, currently produces between 4-6 lakh two-wheeler units and 40,000-50,000 three-wheeler units annually. This order, valued at approximately Rs 10,800 crore, is expected to take three years to complete.

“Wardwizard’s innovative EV solutions will transform public transportation in our country,” Nadia Arroyo, President of Beulah International Development Corporation, said. “We are excited to facilitate EV sales and distribution, not only revolutionizing transportation but also creating jobs and attracting investment that will boost the Philippines’ economy for years to come.”

Credit: Unsplash

Source: ESG Time

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