Canadian, Asian investors backed Nigeria automaker raises $9 million to build electric vehicles


JET Motor Company, a Nigerian-based automobile manufacturer, has raised $9 million from Canadian-based Africa Development Capital, Greatman Legend and a number of Asian investors.

The company will use the money to fund the research and development of its electric vehicles which it has called JET EV. According to a press release TechCabal received, it already has prototypes that can travel over 300km (distance from Lagos to Benin) on a single charge.

JET has signed an agreement to use GIG Logistics’ pickup centers as charging points and it has an order from the latter to deliver 50 JET EV vehicles over the next 2 years

Founded 3 years ago, JET Motor Company has been innovating in the African automotive space. Last year, the company unveiled the JET Mover, a line of luxury and customizable minibuses, in Nigeria. According to Rupani Sanjay, JET Motor Company Director of Sales and Marketing, the JET Mover can even be personalized for other uses beyond passenger travel such as tour bus, cargo, medical emergencies, as a school bus, military use, etc.

His words, “We wanted to create a global product that is built to last. We were obsessed with getting it right because, if our vehicles can work well on Nigerian and African roads, they can succeed anywhere in the world. Our ultimate vision is to lead Africa into a new era of mobility. That includes preparing it for the inevitable future, which can only be built on the efficiency of zero-emission electric vehicles.”

“You can’t stop the future, and let me tell you, electric cars are the future. The reality in the world today is that electric cars would soon outsell regular [internal combustion] cars.”