WardWizard Innovations and Mobility’s Joy e-bike brand reports sales of 1.8k+ sales in Q1 FY22
WardWizard Innovations and Mobility reports sales growth of 310 percent in June 2021. The company sells bikes under the Joy e-bike brand. Sales grew to almost 1k units in June 2021, at 938 units. Volume gain The company surpassed 700 units, up from 223 units reported sold in June 2020.
Sales boost in June has helped Joy e-bikes reach a total of more than 1.8k units in sales in Q1 FY22. The feat is no ordinary one considering business hasn’t been hunky dory in the past three months.
The second wave of Covid-19 pandemic devastated people, and businesses. Sales on most fronts reduced considering states opted for phased lockdowns depending on severity of Covid-19 spread and infections. This meant even manufacturing was reduced and stopped in some instances.
Electric two wheeler sales
Two wheelers sales however haven’t been all that lacklustre, atleast not for all manufacturers. Demand for electric two-wheelers hasn’t buckled altogether. This is backed by the need for personal mobility in these difficult times. With public transport options stretched thin, and the need for personal mobility growing, two-wheeler demand didn’t come to a standstill.
Add to this current revisions to EV policies, and a growing EV charging network, the electric scooter industry is kicking in quite the punch. Business opportunity and longterm plans of carbon neutrality all point to growth momentum in the EV segment.
And this is being led by the personal mobility electric scooter segment. Business potential has made the growing industry an immensely competitive one. One that is at present being led by tech companies instead of established market leaders.
FAME II policy update
In May 2021 the company reported growth at 91 percent. Sales stood at 479 units. The company says it saw demand for its low and high-speed models. This helped report sales at 1,889 units in Q1 FY22 (April-June).
Sheetal Bhalerao, COO – WardWizard Innovations and Mobility Ltd, said, “With the subsidies and incentives announced by FAME II and later by the Gujarat government, there is a sudden rise in demand for electric vehicles in the country. We are further witnessing a strong rebound in the business with the ease of COVID-19 related restrictions as the cases continue to dip across the states. All our touchpoints are now fully functional following all the state specific protocols. Going with the same positive notion, we are confident that the demand will keep gathering robust momentum month-on-month.”