Infostride News reported that Innoson Vehicle Manufacturing (IVM), Nigeria’s indigenous vehicle manufacturing company, is set to establish an electric vehicle factory within the country.
This development was disclosed by Cornel Osigwe, the Head of Corporate Communications at Innoson, during an interview with the Global Business Report on Arise Television. Osigwe highlighted the importance of promoting made-in-Nigeria vehicles and emphasized the company’s commitment to contributing to the growth of the automotive industry in the country.
According to Osigwe, Innocent Ifediaso Chukwuma, the Chairman of Innoson, has finalized plans to establish the electric vehicle manufacturing plant. The decision is based on the availability of all major components required for electric vehicle production within Nigeria. Osigwe explained, “In terms of electric vehicles, we have a strategic approach. The chairman has concluded plans to set up an EV manufacturing plant in Nigeria because every major component of producing the electric car is in Nigeria.”
One of the key considerations for this move is the accessibility of raw materials within the country, making it impractical to import components such as batteries, which constitute a significant portion of the expenses in electric vehicle production. Osigwe added, “All the raw materials are in Nigeria. It doesn’t make sense importing battery and major components of electric car battery which is the most expensive products of EVs.”
The decision to establish the electric vehicle manufacturing plant aligns with the company’s vision to enhance the production of electric vehicles locally. By utilizing domestic resources, Innoson aims to contribute to the reduction of production costs and make electric vehicles more accessible to the Nigerian market.
In addition to the plans for electric vehicles, Osigwe revealed that Innoson Motors has already initiated the production of compressed natural gas (CNG) vehicles. He shared that major marketers recently purchased CNG-powered vehicles from Innoson, which were subsequently donated to the presidency. The commissioning of the CNG manufacturing arm of the company is expected to take place soon.
“Just recently, about last week or two, we have major marketers that purchased a number of CNG-enabled buses that we produced and donated to the presidency,” Osigwe stated. He further mentioned that the presidency would soon commission the CNG vehicles, signaling the official introduction of this eco-friendly transportation option in Nigeria.
The production of CNG vehicles by Innoson Motors represents a significant step towards promoting sustainable and environmentally friendly transportation solutions. The company’s proactive approach to embracing alternative fuel technologies reflects its commitment to staying at the forefront of innovation in the automotive industry.
As Infostride News continues to follow the developments in Nigeria’s automotive sector, Innoson’s initiatives in electric and CNG vehicle production are poised to make a substantial impact on the country’s transportation landscape. The establishment of the electric vehicle manufacturing plant not only demonstrates confidence in the local availability of resources but also positions Innoson as a pioneer in the transition towards cleaner and more energy-efficient mobility solutions in Nigeria.
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