A Nigerian company called Possible EVS plans to open electric vehicle assembly plants in the country, with a goal of producing up to 10,000 EVs per year. This aligns with the company’s mission to spearhead electric vehicle adoption in Nigeria.
Based in Abuja, Possible EVS is an electric mobility startup focused on manufacturing and deploying electric vehicles tailored for the local market. According to CEO Mosope Olaosebikan, the company is currently in the design and production phase, with plans to begin assembling EVs in Nigeria by next year. For now, assembly is being done abroad while they set up local operations.
Once fully running, the manufacturing plant will produce various electric vehicle models, including minibuses, tricycles, pickups and taxis, to serve private, public and commercial transportation needs across Nigeria.
In line with its goal to drive EV adoption, Possible EVS recently launched an electric taxi service in Abuja using EVs assembled abroad. The electric taxis can travel 400 km on a single charge, which Olaosebikan says is enough for frequent trips between Abuja locales. By year’s end, the company plans to introduce the taxi fleets in Lagos and Akwa Ibom as well.
To support its electric taxi fleets and promote EV adoption, Possible EVS opened an electric vehicle experience center in Abuja with a charging station run on a hybrid solar and grid system. This makes charging more affordable than relying solely on the grid, according to Olaosebikan. Mobile charging is also offered for additional flexibility.
On the financing side, Possible EVS runs an asset financing model, generating revenue from EV sales rather than operating the taxis itself. It has raised $5 million and aims to raise more funds in 2024 to scale up manufacturing and operations.
While most sales are expected through partnerships with banks, fleets and financing providers, individuals can also purchase EVs directly from Possible EVS, with costs ranging from $15,000 to $260,000.
By the end of 2022, Possible EVS plans to open more experience centers and charging points nationally while expanding its electric taxi fleets. With local EV assembly on the horizon, the company aims to be a leader in Nigeria’s emerging electric mobility industry.