Revealed! Innoson CEO speaks on releasing electric vehicle in Nigerian market

1 month ago 87

Innoson CEO said that more Nigerians are buying electric cars because petrol prices are so high
He stated in an interview that the growing interest has motivated him to produce electric automobiles locally
He claimed that the current status of the economy affects every person in the country

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Many Nigerians are purchasing electric vehicles as a result of the high cost of fuel, Innoson Motors CEO and managing director Innocent Chukwuma has said.

Innoson to create another special vehicle

In a Friday interview with Channels Television, Chukwuma added that the increasing interest has inspired him to create electric vehicles locally.

“People have so much interest in electric vehicles because of the high cost of fuel. Some people are buying it immediately. That’s why I am able to develop it,” Chukwuma said.“I produce the carcass and if people need electric vehicles, what I need is to bring electrical components and put on it.“If you need an engine, we will put an engine on it. If you need CNG, we will put CNG engine for you.”

Chukwuma commented on the rising cost of gasoline and stated that everyone in the nation is being impacted by the current state of the economy, including business activities.

“The petrol price hike is affecting business generally. The foreign exchange is going up, everything is going up and it’s affecting everything,” he said.“Everything has changed. It’s not affecting only the industry, it’s affecting everybody.”

Nigeria can produce vehicles

Nigeria can build vehicles from the ground up, according to the businessman.

According to him, poor sales are impeding the localisation of some automotive components, such as automobile engines, even though the nation's automotive industry is capable of producing cars from start to finish.

“We have the capacity to do a car from beginning to end but because of some items, the producers in Nigeria cannot make good sales. They cannot be here producing it,” Chukwuma said.

He revealed that after the company hits the 10,000 vehicle yearly sales objective, Innoson Motors intends to localise the production of automobile engines and other parts.

Chukwuma stated that reaching this goal will open the door for the establishment of an engine factory in Nigeria.

“If I can sell 10,000 motors in one year, I will localise the engine because localising the engine is my agreement with the overseas when I started. We plan to localise, but we must reach up to 10,000 vehicles in one year,” he said.