Possible EVS, a Nigerian company based in Abuja, has set its sights on transforming the electric vehicle (EV) industry in Nigeria by establishing local assembly plants. With a mission to accelerate the adoption of EVs in the country, Possible EVS plans to produce up to 10,000 EVs annually.
CEO Mosope Olaosebikan revealed that the company is currently in the design and production phase and expects to commence local assembly operations next year. While assembly is presently taking place abroad, Possible EVS is actively setting up local operations to enable in-country manufacturing.
The upcoming manufacturing facility will be responsible for producing a range of EV models to cater to diverse transportation needs, including minibuses, tricycles, pickups, and taxis. These vehicles will serve private, public, and commercial sectors across Nigeria, contributing to the country’s sustainable and eco-friendly transportation ecosystem.
One significant step towards achieving its goal of driving EV adoption is the recent launch of an electric taxi service in Abuja, utilizing EVs that have been assembled abroad. These electric taxis boast an impressive travel range of 400 km on a single charge, making them suitable for frequent trips within Abuja and neighboring areas. By the end of this year, Possible EVS plans to introduce the electric taxi fleets in Lagos and Akwa Ibom as well.
To support its electric taxi operations and encourage widespread EV adoption, Possible EVS has inaugurated an electric vehicle experience center in Abuja. This center is equipped with a charging station powered by a hybrid solar and grid system. As a result, charging costs are more affordable compared to relying solely on the grid. Furthermore, the company offers mobile charging solutions for added convenience and flexibility.
Possible EVS operates on an asset financing model, generating revenue from EV sales rather than managing the taxi fleets directly. With $5 million already raised, the company has plans to raise additional funds in 2024 to scale up its manufacturing capabilities and overall operations.
While the majority of sales are expected to come through partnerships with banks, fleets, and financing providers, individuals also have the opportunity to purchase EVs directly from Possible EVS. The price range for these vehicles varies from $15,000 to $260,000, accommodating a wide range of budgets and preferences.
By the end of 2022, Possible EVS aims to establish more experience centers and charging points nationwide, while expanding its electric taxi fleets. With local EV assembly on the horizon, the company hopes to lead the way in Nigeria’s burgeoning electric mobility industry, fostering a greener and more sustainable future for transportation.
Frequently Asked Questions
1. What is Possible EVS?
Possible EVS is a Nigerian electric mobility startup that focuses on manufacturing and deploying electric vehicles tailored for the local market. The company aims to spearhead electric vehicle adoption in Nigeria.
2. Where is Possible EVS based?
The company is based in Abuja, Nigeria.
3. What are the future plans of Possible EVS?
Possible EVS plans to open electric vehicle assembly plants in Nigeria, with a target of producing up to 10,000 EVs per year. The company also aims to establish more experience centers, charging points, and expand its electric taxi fleets nationwide.
4. How does Possible EVS support its electric taxi fleets?
Possible EVS has opened an electric vehicle experience center in Abuja, equipped with a charging station powered by a hybrid solar and grid system. This enables more affordable charging compared to relying solely on the grid. The company also offers mobile charging for added flexibility.
5. How does Possible EVS generate revenue?
Possible EVS operates on an asset financing model, generating revenue from electric vehicle sales. The company plans to raise funds in 2024 to scale up its manufacturing and operations.