Hyundai Nigeria Seeks Subsidy on Electric Vehicles

Sunday, August 8, 2021 5:40 pm

An electric car

By Daniels Ekugo

Leading stakeholder of the Nigerian automobile industry has appealed to President Muhammadu Buhari-led government to approve subsidy for the locally assembled Electric Vehicles.

Mr. Gaurav Vashisht, Hyundai Nigeria’s Head, Sales and Marketing, who made the plea at the 2021 NAJA’s Annual Training workshop held in Lagos recently, said the government needed to incorporate into auto policy a form of subsidy for Electric vehicles.

According to him, sales of Hyundai Kona Electric launched into the nation’s market recently is still far from being affordable to average car buyers in the country.

He said: “For the price to come down, we need to increase sales volume. And the easiest and safest way to achieve this is via subsidy.

“Yes, we are selling. Since we launched Kona into the Nigerian market, the reception has been tremendous, not only because it can cover 482 kilometers when fully charged, but the fact that all components of the car are protected against water. It’s all secured. We have made it known to Nigerians that, when you own a Kona, simply treat it like any other vehicle.

“If lightning strikes, it comes with a Faraday cage, which protects you from up to one million volts of lightning.

“But we are not yet making the desired impact. At about N24 million, it is only high net worth individuals, who can afford one. The price will need to come down for it to become affordable to average car buyers.”

Notwithstanding, as disclosed by Mr. Jelani Aliyu, Director General of National Automotive Design and Development Council(NADDC) at 2021 NAJA event, provisions concerning Electric and gas-powered vehicles have been incorporated into the revised National Automobile Industry good Development Plan (NAIDP) bill, which he assured would be passed into law before the end of the year.