The Gujarat government and Wardwizard Innovations & Mobility, a manufacturer of electric vehicles (EVs), inked a preliminary agreement for an investment of Rs 2,000 crore to establish an EV auxiliary cluster by 2024.

According to a statement from Wardwizard Innovations & Mobility, the proposed investment will go towards developing a motor assembly unit at the company's Vadodara manufacturing facility, researching and developing electric two- and three-wheelers, producing lithium-ion (li-ion) cells, and developing ancillaries for the raw material manufacturing industry.

It stated that the effort is anticipated to provide more than 5,000 job opportunities in the state.

According to the company, the agreement will help in fostering the growth of the EV industry and align with the government's vision of enhancing green mobility in the state.