Innoson Vehicle Manufacturing Company (IVM), Nigeria’s prominent vehicle manufacturer, has proudly unveiled its first locally produced electric vehicle (EV) in Nnewi, Anambra State. This landmark development marks a significant milestone for the company and the Nigerian automotive industry.
Cornel Osigwe, the Head of Communications and Corporate Affairs at Innoson, announced the news via a Facebook post, sharing a video of himself test driving the new EV. The launch follows the company’s earlier discussions on enhancing local vehicle production and the establishment of an electric vehicle manufacturing plant, led by Innoson’s Chairman, Innocent Ifediaso Chukwuma.
While this EV represents a groundbreaking achievement for Innoson, details such as pricing, specifications, production volume, and commercial release timelines are still forthcoming. The introduction of this vehicle adds to Nigeria’s burgeoning electric vehicle sector, which already includes companies such as MAX, Jet Motor Company, Savenhart Investment Limited Technology (Siltech), Possible EVs, and Electric Motor Vehicle Company (EMVC).
The Nigerian electric vehicle market is in its nascent stages but is gaining momentum, with governmental plans to transition 30% of all vehicles to electric by 2025. The sector has also seen investments from companies like Spiro, which has set up battery swap stations for electric motorcycles in Ogun State in collaboration with the state government.
Innoson’s entry into the EV market comes as Nigeria faces rising fuel prices, making electric vehicles a promising alternative. Unlike traditional vehicles that rely on petrol or diesel, EVs are powered by electricity and charged at dedicated stations, offering a cost-effective and sustainable transportation option.
The impact of fuel price hikes has also affected e-hailing platforms like Bolt, which recently announced a 15% fare increase to help compensate drivers and has previously provided fuel subsidies. Innoson’s new EV offers a potential solution to the growing demand for more affordable and environmentally friendly transportation options.
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