Wardwizard Innovations & Mobility Ltd Approves Joint Venture and Overseas Direct Investment for EV Assembly and Battery Plants in Saudi Arabia

Wardwizard Innovations & Mobility Ltd, a leading Indian EV manufacturer, has board approval for forming a joint venture in Saudi Arabia to establish two plants: an assembly facility for electric two-wheelers, three-wheelers, four-wheelers, and eventually electric buses, plus a dedicated EV battery cell plant.

This initiative follows a comprehensive feasibility study and a Letter of Intent received from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud, signalling strong support from the Saudi government. Wardwizard will contribute cutting-edge EV technologies, intellectual properties, and manufacturing expertise to the JV.

The strategic partnership aligns with Saudi Arabia’s vision of developing a sustainable transport infrastructure while enabling Wardwizard to broaden its international footprint. The operations in the kingdom will also enhance Wardwizard’s manufacturing capacities and global supply chain integration.

Key Highlights:

Board approved joint venture and ODI to set up EV assembly and battery plants in Saudi Arabia

Facility to manufacture electric two, three, and four-wheelers, with planned expansion to electric buses

Dedicated EV battery cell plant to support advanced manufacturing

Strong endorsement from Saudi royalty via Letter of Intent

Wardwizard bringing advanced EV technologies and intellectual properties to the JV

Supports Saudi Arabia’s sustainable mobility and economic diversification goals

Enhances Wardwizard’s global market presence and manufacturing scale

Sources: Wardwizard Innovations & Mobility Ltd official website, Business Standard, Economic Times, Mercom India