- The company’s Head of Communications and Corporate Affairs of Innoson Vehicle Manufacturing Company (IVM) has stated IVM has unveiled its first locally produced electric vehicle
- Electric vehicle sales have grown significantly in recent years, driven by improved range, a wider variety of models, and enhanced performance.
The company’s Head of Communications and Corporate Affairs, Cornel Osigwe, of Innoson Vehicle Manufacturing Company (IVM), has stated that the car manufacturing firm IVM has unveiled its first locally produced electric vehicle.
He stated that the electric vehicle was manufactured at the company’s Nnewi, Anambra state production plant. He said, “I just test-drove the first Innoson Electric vehicle produced in Nnewi. We are just starting.”
Mr Osigwe revealed that this marks the company’s first-ever electric vehicle (EV) production. However, details regarding the pricing of the Innoson EV, the number of units produced, and the timeline for its commercial release were not disclosed.
In 2021, Nigeria introduced its first locally assembled electric vehicle, the Hyundai Kona, produced by Stallion Motors. This milestone followed the launch of a pilot program by the National Automotive Industry Design and Development Council (NADDC) in collaboration with the Stallion Group and other stakeholders, aiming to establish 100 solar-powered electric vehicle charging stations nationwide.
The debut of the Hyundai Kona marked a significant step forward for Nigeria’s automotive industry, opening up new opportunities as the world shifts away from petrol-powered vehicles in response to climate change and efforts to reduce emissions.
Despite Hyundai’s steps in EVs, Nigeria barely generates enough electricity for households and industries. The country only manages to generate around 5,000 Megawatts despite its energy demands reaching around 40 terawatts.
According to the International Energy Agency (IEA), electric vehicles are a crucial technology for decarbonizing road transport, a sector responsible for over 15 per cent of global energy-related emissions.
Also, electric vehicle sales have grown significantly in recent years, driven by improved range, a wider variety of models, and enhanced performance. Passenger electric cars are becoming increasingly popular, with an estimated 18 per cent of new cars sold in 2023 being electric.
However, sales have lagged in many developing and emerging countries due to higher purchase costs than conventional vehicles and limited charging infrastructure. Despite this, the increase in petrol prices following the deregulation of the downstream sector of the petroleum industry might present an opportunity for investors in the EV space if the price of charging proves lower than the refuelling petrol vehicles.