The global electric vehicle (EV) market has seen explosive growth over the past decade, with major players like BYD, Tesla, and VW Group leading the charge.
In 2023, Chinese conglomerate, BYD, manufactured the most EVs (3 million), while America''s Tesla followed closely with 1.8 million EVs.
More than 95% of the market is dominated by China, the US, and Europe. Interestingly, Africa is not part of the EV conversation involving the 5%.
And while some Nigerians are launching EV startups in the hope of securing a slice of the market for Africa, some stakeholders like Tope Ojo, Chief Executive Officer of Autogig International Resources Limited, feel Nigeria isn''t ready for the EVs.
Ojo pointed out infrastructure challenges, such as the availability of electricity and EV technicians.
Interestingly, EVs were also once thought to be an unprofitable niche of the automobile market as they were too expensive to produce and lacked the right infrastructure to support usability. However, technological advancement has made the market viable, and many vehicle manufacturers are considering it.
In Nigeria, some startups are also considering it, and we''ll highlight some of them in this article.
Producing EVs in a country that seldom produces any kind of automobile is a challenge.
Like its automobile manufacturing market, Nigeria''s EV market is still in its infancy, with the country far from making a significant impact on global EV development or manufacturing.
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But Nigerian startups are taking on this challenge head-on by producing EVs locally. Companies like Siltech are leading the way by manufacturing electric vehicles with 60% of their parts and raw materials sourced locally.
Here are six of the EV startups in Nigeria.
Total funding: $39.6 million
MAX is one of the most funded EV startups in Africa.
Founded by Adetayo Bamiduro and Chinedu Azodoh, it launched in 2015 as a logistics company, then pivoted to motorcycle ride-hailing in 2017, but was forced to go into the EV market in 2021 after a government ban on commercial motorcycles.
Its flagship EV, the MAX M3, has a top speed of 85 kilometres per hour (km/h) and a medium-range 3.6 kilowatt hour (kWh) battery that can travel 80 km to 110 km on a full charge.
The startup also provides access to a variety of vehicles, including EVs through a subscription model. It also has an EV financing package that makes it possible for transport operators (keke and okada riders) to own EV bikes.
According to its website, more than 45,000 people have become vehicle owners through its vehicle subscription platform. It plans to build out a network of charging and battery swap stations for its EVs.
Total funding: $9 million
In 2020, Jet Motor Company raised $9 million in research capital to build the Tesla of Africa. In 2021, the company founded by Chidi Ajaere partnered with GIG Logistics (GIGL) to launch the first electric cargo vans in Nigeria.
While the total number of EVs produced by Jet Motor Company is unknown, the Nigerian government purchased a number of electric vans from the company.
The JET EV van comes with a 107.8 kWh lithium-ion battery that can travel about 300 km on a single charge. It also has stronger shock absorbers, higher ground clearance, and bigger tyres designed specifically for Nigerian roads.
Total funding: $3 million
Tolu Williams is the Founder of Savenhart Investment Limited Technology (Siltech), a renewable energy transportation technology company.
The company recently partnered with food delivery startup, Glovo to use its EV products and services for delivery in some parts of Lagos Nigeria.
One of the company''s flagship EVs is the three-wheeler Falcon, with a range of 300 km. The company has 10 EV service centres with charging and battery swap stations in Lagos. It has now acquired two manufacturing plants to boost EV production.
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