Bolt Unveils Electric N3.2 Million Tricycles in Lagos, Offers Drivers Huge Commission
- Ride-hailing company Bolt has launched electric tricycles in Lagos as it seeks to grow its business in West Africa
- Bolt disclosed that starting in May 2025, it will deploy 25 tricycles, which are developed in alliance with Mobility, a Lagos-based company
- The company said the electric tricycles will cost N3.2 million, with drivers asked to take a 15% commission
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Ride-hailing company Bolt is rolling out electric tricycles in Lagos as it expands its electric vehicle business in West Africa.
The company said that beginning in May 2025, it will deploy 25 tricycles developed in collaboration with a Lagos-based mobility firm.
Source: Original
Bolt operates keke rides in other cities
The move expands the ride-hailing company’s business in Nigeria, as it already offers tricycle rides in cities like Jos and Uyo.
However, this is the company’s first electric version in Nigeria, where riders can choose electric tricycles as an option in the Bolt app.
According to reporting by TechCabal, each tricycle will cost N3.2 million, about $1,1996, with drivers asked to make a down payment of N208,000 and spread the rest over 18 to 24 months.
Reports say lease payments come in at N32,000 weekly or N156,000 monthly.
Bolt keke riders to pay for daily battery swaps
Daily battery swaps will cost about N6,500, about half of the fuel costs for petrol-powered tricycles.
Bolt’s Africa spokesperson, Caroline Wanjihla, said the launch is about building an ecosystem and not just introducing vehicles.
She disclosed that the company is betting on drivers as EV tricycles have lower running costs, stating that with Bolt’s lease model, drivers can own their vehicles for two years while saving on fuel and maintenance costs.
The company also operates a lease-to-own financing model that has come under the limelight recently as drivers on other platforms, such as Moove and LagRide, have complained of inflexible repayment terms, which have led to defaults and vehicle repossessions.
Reports say that many ended up working long hours to break even. However, Bolt said its model is built differently with lower entry costs, predictable weekly payments, and a lower commission rate.
Drivers to earn 15% commission
Bolt’s operations manager, Zankiyang Duniya, said the company’s tricycle models are much cheaper, and the payment plans are flexible, as it is tweaking the model to allow for 15% commission relative to 25% charged on vehicles.
The tricycles can run to 80km/h and last for 12 hours on a single full charge, Ayo Mustapha, SGX’s Corporate Finance Manager, said.
They also operate on a battery swap model, where drivers can quickly exchange batteries at a swap station at Eagle Square in Surulere.
Bolt’s electric tricycle launch also comes when local operators are seeking alternatives to gasoline-powered tricycles due to a spike in fuel prices.
Findings show that some operators have turned to compressed natural gas (CNG), converting their vehicles to cheaper fuel to mitigate high petrol costs.
Bolt operates a lease-to-own model
Experts have said that access to reliable refuelling kits remains a significant challenge; however, conversion costs are still a big hurdle for most low-income drivers.
Bolt is reportedly taking a slow approach to observe how drivers and riders adapt to the new vehicles.
Source: Getty Images
It plans to extend the model to other Nigerian cities and into additional African markets such as Ghana, Uganda, Tanzania, and Tunisia.
FG opens portal for Nigerians to get CNG-powered tricycle
Legit.ng earlier reported that the Nigerian government has launched a portal that allows youths to access compressed natural gas (CNG)- powered tricycles, popularly known as Keke.
The Minister of State for Youth Development, Ayodele Olawande, disclosed this on Monday, October 7, 2024.
Activating the portal follows the Nigerian government's launch of 2,000 CNG tricycles on October 1, 2024.
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Source: Legit.ng
