Following days of speculation on social media about the authenticity of a video of an electric vehicle attributed to the Innoson, the indigenous car manufacturer has put all rumours to rest with an official communication on its website and social media on the launch of these lines of EVs.
Amid biting cost of petrol in Nigeria and the gradual acceptance of electric vehicles in Africa especially in South Africa and Kenya, this timely move is a welcomed and not surprising development. To the best of the knowledge of this writer, Nigeria has no official policy direction on electric vehicles unlike counterparts like Kenya and South Africa who have in the past few months, released a policy and a draft which we also wrote about.
IVM EX02
From what we garnered from the press release, the IVM EX02 will be the flagship product from this model classes with the option of Alternative Pricing. The EX02 comes with a range of 330-400km on a full charge. In addition, its features include but not limited to; power steering, front airbags, full air-conditioning system, power windows and an advanced multimedia system. In comparison to the IVM Link and IVM EX01 with 201-230km range, we can deduce the EX02 class is built for long distance journey/drive.
Photo: www.innosonvehicles.com
Customer Segmentation
By offering these classes of products to the market, Innoson Vehicles may have figured out its customer segmentation from the jump. Business executives, ride-hailing partner drivers, sales executives who engage customers offline and frequent inter-state travelers would find the EX02 with Alternative Pricing appealing. Beyond the range at full charge, the salient Unique Selling Propositions(s) between both models remain unclear to us.
Price
Despite the “Alternative Pricing” option, price points for these cars are yet to be made public. We reached out to the company via social media for this with no conclusive response. Perhaps, as days go by and public interest is received and measured, we would see a detailed price list with possible payment plans. Again, considering it hopes to sell locally for now to measure acceptance and gain valuable insights, we expect payment plans for willing but unable buyers.
Charging Points/Infrastructures, Spare Parts and Warranties
Electric Vehicles heavily rely on a strategic cluster of charging points and infrastructure. Considering this technology and means of mobility is gradually becoming accessible to the Nigerian market, we expect to see, in the coming days, a clear plan from the company on efforts to see its EV customers are not stranded while in transit.
In our article on how Nigeria can prepare for EVs, we stated a few policies and changes expected to make the switch to electric vehicles a smooth one. We expect the company to, in the interim, build out a few charging stations, partner with competitors like Saglev with a few charging points. Importantly, make these new EVs interoperable with other brands and charging stations. This increases adoption and optionality for EV enthusiasts.
As Internal Combustion Engines (ICEs) go through wear and tear, electric vehicles are not exempted from this reality. The next task after access to charging points is availability and affordability of spare parts. Our article on a few ways Innoson can sell more cars should be helpful and instructive here.
In a low-trust environment as Nigeria and Africa in general, the average consumer is always looking for a warranty on a purchase, especially big-ticket purchases. The onus is now on the company to work out a compelling warranty offering to nudge a switch to a locally-made EV.
