Partnership significance
The positive outcome of the feasibility study supports Wardwizard's decision to move forward with the Joint Venture, aligning with Saudi Arabia’s vision for sustainable development. The partnership signifies a substantial endorsement of Wardwizard’s capabilities in the electric mobility sector.
“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,” said Mr Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Limited.
What does it include?
The proposed Joint Venture includes setting up two plants in Saudi Arabia. One plant will be an assembly plant for electric two-wheelers, three-wheelers, and four-wheelers, with plans for future expansion to include the production of electric buses. The other will be a dedicated plant focused on the production of electric vehicle cells.
Wardwizard Innovations will detail its proposed investment and stake in the Joint Venture, underscoring its commitment to supporting sustainable mobility in Saudi Arabia. The collaboration will bring Wardwizard’s technological expertise and intellectual properties into the mix, including advanced EV technologies and innovative manufacturing processes.
These contributions are expected to bolster 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 leverages Wardwizard’s expertise in electric mobility to facilitate Saudi Arabia’s shift towards a greener and more sustainable transportation infrastructure.
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