Innoson Vehicle Manufacturing Company (IVM) has unveiled its first locally produced electric vehicle.
In a post on Facebook, the company’s Head of Communications and Corporate Affairs, Cornel Osigwe stated the electric vehicle was manufactured at the company’s production plant in Nnewi, Anambra state.
He said, “I just test drove the first Innoson vehicle Electric vehicle produced in Nnewi. We are just starting.”
Mr. Osigwe revealed that this marks the company’s first-ever production of an electric vehicle (EV). However, details regarding the pricing of the Innoson EV, number of units produced and the timeline for its commercial release were not disclosed.
Electric vehicles are a crucial technology for decarbonizing road transport, a sector responsible for over 15% of global energy-related emissions, according to the International Energy Agency (IEA)
In recent years, the sale of electric vehicles has seen significant growth, driven by improved range, a wider variety of models, and enhanced performance. Passenger electric cars are becoming increasingly popular, with an estimated 18% of new cars sold in 2023 being electric.
However, in many developing and emerging countries, sales have lagged due to the typically higher purchase costs compared to conventional vehicles and a 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 refueling of petrol vehicles.
