CEM REPORT | In diversifying to expand its portfolio for growth, Innoson Vehicle Manufacturing company (IVM) has announced that it will be venturing into the production of tricycles.
Innocent Chukwuma, CEO, Innoson Vehicle Manufacturing Company
According to the brands’ Head of Corporate Communications, Cornel Osigwe, the automobile manufacturer intends to start the production of IVM-branded tricycles in Nigeria later this year and its main goal is to help crash the current price of tricycles in the domestic market.
“We are probably launching this year and we are going to produce something that is eco-friendly,”
“We are going to produce something much cheaper and more affordable that an average Nigerian can buy.”
Osigwe further said a prototype have already been produced and the model is already being tested in the Nigerian market.
“We produced about 100 prototypes that we gave out to different people to test run and give us feedback on it,”
“Right now, we don’t have them in stock for sale, the ones we produce are just samples to collate information. We are testing it and we are getting different recommendations. One of the recommendations we got is to make the engine biofuel which we are going to do. So, it will have the ability to use both gas and petrol.”
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He added that after gathering data from the test, the company will release the final product later in the year.
“We just did a few samples, the main equipment that we will be using to mass-produce is still on the way,”
According to Premium Times, Innoson in further pursuit of growth, last week announced that Innoson Oil & Gas Limited was on the verge of discovering a huge deposit of 8.2 trillion cubic feet of gas and 234 MMbbl of condensate in Sierra Leone.
Innoson, based in Nnewi, Anambra State, was founded by Innocent Chukwuma. The company, reputed as Nigeria’s biggest automobile firm, says it produces 70 per cent of its car parts locally while the rest is sourced from Japan, China
