Nigerian electric mobility company, Possible Electric Vehicle Solution (Possible EVS), is gearing up to launch electric vehicle (EV) assembly plants in Nigeria with an annual production capacity of up to 10,000 EVs. The manufacturing facility, located in Abuja’s Idu industrial area, is expected to produce a range of EVs, including minibuses, tricycles, pick-ups, and taxis.
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Possible EVS: Electric taxis
The company, which is in the design and production phase, plans to begin assembling EVs in Nigeria next year, with current assembly taking place abroad. Possible EVS is part of a growing cohort of electric mobility startups in Africa, all vying for a share of the emerging EV market estimated to reach $21.4 billion by 2027. Other players, like Spiro, Roam, and Qore, are also making strides in the EV sector with initiatives such as electric motorcycle assembly, electric bus manufacturing, and vehicle conversions.
In addition to manufacturing, Possible EVS has launched an EV-based taxi service in Abuja, currently in the testing phase. The company plans to deploy these electric taxis this month, with an impressive range of 400 km on a single charge. The startup intends to expand its electric taxi fleet to Lagos and Akwa Ibom by the end of the year.
Possible EVS is also establishing a public charging station at its Electric Vehicle Experience Center (EVEC) in Abuja, providing fast charging infrastructure at an affordable rate. The company operates a hybrid electric charging station, combining solar energy with grid electricity supply, and plans to deploy a completely off-grid solution in the future.
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Funding strategy and sales model
Regarding its funding strategy and sales model, Possible EVS has raised $5 million internally for its initial fund raise and is actively seeking additional funding by Q1 2024. The company primarily generates revenue from EV sales and is exploring partnerships with financiers and hire purchase options. The estimated cost of an EV from Possible EVS ranges from ₦12 million ($15,629) to ₦200 million ($260,497).
As the company finalizes its assembly plant launch, it is also preparing to open an EVEC center in Lagos and expand its charging infrastructure throughout Nigeria. The expansion plans include introducing more electric taxis in Lagos and Akwa Ibom states.
