Smallcap EV stock surges 20% after winning a billion-dollar Philippines deal

The company is a prominent manufacturer of electric vehicles under the ‘’ and ‘Joy e-rik’ brands in .

With this deal, WIML will be able to deliver products from its existing portfolio, including electric two-wheelers, and three-wheelers in the commercial and passenger vehicles segment, and develop four-wheelers for commercial vehicles for the Philippines markets.

Also read:

“India is becoming a hub of electric mobility for the global market, and such collaborations are a testament to our efforts in this direction. This opportunity will allow us to introduce our cutting-edge electric 2W Scooters, and develop 3W e-Trike (D+10), e-Trike (D+3 Passenger), e-Trike (D+5), e-Trike Cargo, Electric Mini Truck (1.5 Ton) and Golf Carts (6 & 14 seater) for the Philippines market,” said , Chairman & Managing Director of the company.

This order is part of a strategic collaboration, formalized through a Memorandum of Understanding (), to revolutionize the public transportation system in the Philippines with electric vehicles, added WIML in its filing.

The shares of WIML have surged 30% in the last one year while it has gained 11.7% in the current calendar year. Further, in the last one week alone, the stock has increased by 20.60%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)