Press Release   -

Electric Mobility Revolution: Wardwizard Hits Milestone with 100,000 Units Sold, TVS Motors Acquires SEMG for USD 100M

Wardwizard Innovations & Mobility Ltd. (WIML), the renowned manufacturer behind the 'Joy e-bike' brand, proudly announces the milestone achievement of surpassing 100,000 units in electric two-wheeler sales within India. The momentous occasion was marked by the rollout of the 100,000th unit, Mihos, from its state-of-the-art manufacturing facility in Vadodara. As India's pioneering EV company listed on the Bombay Stock Exchange (BSE), WIML showcases a diverse product lineup encompassing over ten models, catering to high-speed and low-speed preferences. Bolstering its reach, the company has established a robust network of more than 750 touchpoints and over 120 exclusive Showroom Distributors spanning across the nation.

Government's Embrace of Electric Mobility

In line with the government's vision to promote sustainable transportation, India is contemplating stimulating the sales of nearly a million electric two-wheelers through its flagship incentive initiative, the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) program. The central government plans to subsidize 564,000 electric two-wheelers under FAME II and aims to extend this support to an additional half a million units. Joy e-bike, initially venturing into the mobility sector with electric bicycles, diversified its offerings by introducing its maiden Low-Speed Electric Scooter, the Butterfly, in 2018.

TVS Motor Company's Strategic Expansion

Underlining the global expansion strategy in the electric vehicle domain, TVS Motor Company, headquartered in Chennai, has acquired a 75% stake in the Swiss E-Mobility Group (SEMG) for USD 100 million. This strategic move positions SEMG for its entry into the Indian market during the latter half of the year. The acquisition, executed through TVS Motor's Singapore subsidiary, TVS Motor (Singapore) Pte., solidifies TVS Motor's commitment to shaping the future of e-mobility. With the complete acquisition of SEMG in June 2023, TVS Motor has augmented its presence in the e-bike segment, leveraging SEMG's integrated e-bike platform, spanning retail and online stores across Switzerland and Germany.

E-Bikes Market Projection

The burgeoning e-bike market is poised for substantial growth, catalyzed by government regulations encouraging electric bike adoption. Forecasts predict a surge from USD 33.31 Billion in 2023 to USD 68.47 Billion by 2032, showcasing a robust CAGR of 9.8%. This growth trajectory underscores the increasing consumer preference for e-bikes as eco-friendly commuting solutions and the burgeoning interest in cycling for fitness and leisure activities.

Key Players Shaping the Future

Industry stalwarts such as Accell Group, Derby Cycle, Fuji-ta Bicycle Co. Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., and Tianjin Golden Wheel Group Co. Ltd. are pivotal in driving innovation, technological advancements, and forging strategic alliances, thus shaping the promising future of the e-bikes sector.

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