New Competition for Innoson Motors As Another Car Company Begins Electric Car Assembly

• Another car manufacturer, EF Motors Limited, will commence the assembly of hybrid electric vehicles
• The move is in partnership with Chinese firm Zhejiang Pukao and will compete with Innoson Motors
• The company plans to produce up to disclosed100,000 electric vehicles in 3 years and promised to create 5,000 direct jobs

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

EF Motors Limited, a subsidiary of EF Network Limited, has announced plans to assemble electric vehicles (EVs) locally, creating new competition for Innoson Motors, Nigeria’s leading indigenous car manufacturer.

The company revealed that its assembly plant, in partnership with Chinese firm Zhejiang Pukao New Energy Vehicle Co., Ltd., will create 5,000 direct jobs and more than 20,000 indirect employment opportunities.

New assembly plant commences operations in Nigeria

Located on a 30-hectare site in Imo State, the plant aims to produce over 40,000 hybrid electric vehicles annually during its first phase, with output projected to rise to 100,000 units by 2028.

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Speaking at the Lagos International Trade Fair at Tafawa Balewa Square, EF Motors Chairman Gideon Egbuchulam said the initiative seeks to provide Nigerians with affordable, energy-efficient vehicles while generating employment and reducing transportation costs.

Egbuchulam said:

“Our Orca and Panda models are designed for Nigerian families and taxi operators. They combine electric and fuel-powered engines, offering a total range of up to 385 kilometres.

"This technology allows users to save between N10,000 and N20,000 daily in fuel costs."

Chidi Success, EF Motors’ Director of Business Development, highlighted that government incentives for local EV manufacturing, including tax waivers, will be passed on to consumers to make the vehicles more affordable.

According to DailySun, EF Motors also plans to establish public charging stations nationwide, supported by solar and grid electricity, while providing after-sales services, spare parts, and repair support across the country.

Electric competition in Nigeria

Punch reports that Shela Lin, Sales Manager at the technology partner supplying assembly expertise, stressed that the collaboration will ensure full technology transfer and the training of local engineers, supporting Nigeria’s long-term goal of a sustainable automotive industry.

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Industry analysts note that EF Motors’ entry into the Nigerian market intensifies competition for Innoson Motors, which has dominated local vehicle production for decades.

Innoson Motors is the first company to produce electric cars locally in Nigeria for commercial sale. Other firms have done assembly.

The local assembly of electric vehicles began in 2021 with Hyundai’s Kona, assembled by Stallion Motors.

Innoson Motors CEO confirms price of cheapest car on sale

Earlier, Legit.ng reported that the Chief Executive Officer of Innoson Vehicle Manufacturing (IVM) confirmed that its cheapest car sells for N22 million.

The company’s founder, Chief Innocent Chukwuma, disclosed during a recent virtual interview for television.

He explained that the entry-level vehicle comes with full air-conditioning, a rugged build, and a four-year warranty.

On IVM’s current operations, the auto magnate stated that his plant has a production capacity of 60,000 units per year but was running at just 20% due to low demand.

Source: Legit.ng