Innoson Vehicle Manufacturing Company (IVM), a Nigerian automobile manufacturer, has recently made headlines by introducing its inaugural electric vehicle (EV) at its production facility in Nnewi, Anambra State. The announcement was made public by Cornel Osigwe, who holds the position of Head of Communications and Corporate Affairs at Innoson. Osigwe excitedly shared his experience of test-driving the vehicle through a Facebook post, stating, “I just test drove the first Innoson electric vehicle produced in Nnewi. We are just starting.”
The revelation comes ten months after the company had vocalized its ambition to enhance the production of indigenous vehicles and had hinted at the establishment of an EV manufacturing plant. Osigwe, in a video, showcased himself test-driving the EV, marking a significant milestone for the company. Previously, Innoson’s Chairman, Innocent Ifediaso Chukwuma, had been reported to have finalized the groundwork for creating an electric vehicle production hub.
Although Osigwe confirmed that this is the company’s initial foray into electric vehicle production, many details such as the vehicle’s price, technical specifications, production volume, and the schedule for its market launch remain undisclosed.
Innoson’s venture into electric vehicles is pioneering for the company itself but joins a growing list of Nigerian EV enterprises. Notable among these are MAX, co-founded by Adetayo Bamiduro and Chinedu Azodoh; Jet Motor Company; Savenhart Investment Limited Technology (Siltech), initiated by Tolu Williams; Possible EVs, led by Mosope Olaosebikan; and Electric Motor Vehicle Company (EMVC).
The Nigerian electric vehicle sector, though nascent, is experiencing burgeoning interest. The government has set an ambitious target, aiming for electric vehicles to constitute 30% of all vehicles by 2025. The sector has also piqued the interest of international companies like Spiro, which commenced operations in Ogun State. In partnership with the state government, Spiro has established battery swap stations specifically for electric motorcycles.
The timing of Innoson’s entry into the electric vehicle market is particularly noteworthy, given the country’s current challenges with surging fuel prices. Electric vehicles, which rely on electricity rather than petrol or diesel, are recharged at dedicated charging stations and offer an alternative amidst the fuel cost crisis.
The impact of the fuel price hikes has also been felt by e-hailing services such as Bolt, which announced a 15% increase in fares across all its ride categories in Nigeria. This move aims to provide more equitable compensation for its driver-partners who are affected by the rising fuel costs. Additionally, Bolt has previously implemented fuel subsidies to support its drivers during these challenging times.
