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Wardwizard ties up EV deal with Philippines’ Beulah, shares soar

Shares of Wardwizard Innovations and Mobility Limited jumped by 26.84% after it won a $1.29 billion order from Beulah International Development Corporation

Wardwizard ties up EV deal with Philippines’ Beulah, shares soar
[Source photo: Chetan Jha]

Philippine full-service business integration firm Beulah International Development Corp. last week signed a $1.29 billion deal with Vadodara, Gujarat-based electric vehicle (EV) maker Wardwizard Innovations and Mobility Ltd to transform that country’s transport system.

Wardwizard manufactures EVs under the ‘Joy e-bike’ and ‘Joy e-rik’ brands in India.

Shares of Wardwizard hit their upper circuit, surging 20%, on Monday.

Wardwizard will supply electric two-wheelers and three-wheelers in both commercial and passenger segments as part of the deal, while also developing four-wheeler commercial vehicles for the Philippine market.

“India is becoming a hub of electric mobility for the global market, and such collaborations are a testament to our efforts in this direction,” Wardwizard chairman and managing director Yatin Gupte said

“We would like to thank Beulah International and RPConnect for showcasing their trust in our technology and robust product portfolio,” Gupte added. Beulah is backed by RPConnect.

The partnership aligns with the Philippine government’s public utility vehicle modernization program, an initiative by the department of transportation for a safer and more systematic daily transportation service by replacing outdated petrol and diesel vehicles with modern electric alternatives, Wardwizard said in the statement.

Nadia Arroyo, president, Beulah International Development Corp., highlighted the economic benefits of the collaboration: “Wardwizard’s cutting-edge EV solutions will catapult the public transportation in the Philippines, and we are eager to see the change. As part of the tie-up, we will be facilitating EV sales and distribution in the Philippines. Besides changing the face of the transportation system, this initiative will create new employment opportunities and bring significant investment to support the local economy over the next 10 years.”

“Wardwizard plans to roll out its cutting-edge electric 2W Scooters, and develop 3W e-Trike (D+10: driver + 10 passengers), e-Trike (D+3 passenger), e-Trike (D+5), e-Trike Cargo, Electric Mini Truck (1.5 Ton) and Golf Carts (6 and 14 seater) for the Philippines market,” Gupte added.

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