Wednesday
June 1
2022

Press Release: M Auto Becomes the Largest E-Vehicle Company in Africa

M Auto is a leading source of sustainable transportation offering ‘mobility as a service’ on the African continent, with innovative systems that accelerate earning potential through productive assets ownership. Its cost-effective and convenient mobility solutions foster inclusiveness and promote environmental sustainability in Africa.

M Auto becomes the largest e-vehicle company on the continent

On 21 May 2022, the e-mobility startup launched in Togo and Benin with a music concert in each country. M Auto is now the largest electric vehicle startup in Africa with 500 e-bikes on the ground and 3 000 bikes ready for market.

M Auto’s mission is to provide access to innovative and sustainable electric mobility solutions to improve the quality of life of all African users. M Auto believes that Africans deserve quality, affordable technology in order to be their own bosses. The startup enables Africans to cultivate an entrepreneurial lifestyle by creating an e-mobility experience that is green (zero carbon emissions), affordable (less than 2 dollars/day), digitally enabled (IoT enabled system), and offers an unparalleled mileage range via swappable charging battery stations

“Benin and Togo have the biggest demand for commercial two-wheelers and progressive government policy for domestic manufacturing in the energy transition. M Auto has been welcomed to build manufacturing capacity in the industrial zone that will boost home-grown innovation and sustainable development in the long-term,” explains co-founder, Yasmeen Jawaharali.

M Auto has begun building its own factories in Togo and Benin that will manufacture exclusive and specially designed for the African market e-bikes and batteries allowing to create more jobs and ensuring that the process is by Africans for Africans. Benin and Togo are just the start; Jawaharali’s ambition is to quickly expand into neighbouring markets and further afield after the foothold is established.

M Auto is backed by the Africa Transformation and Industrialisation Fund (ATIF), an Africa-focused investment fund. Shegun Adjadi Bakari, a partner at ATIF who has over 15 years of experience in Finance and Project Finance in both the European and African markets, believes that net-zero cannot be achieved without Africa. He maintains that through the adoption of a clean energy transition which results in job creation, Africans can be lifted out of poverty. “Solutions to real-world problems and opportunities for people to step up the income ladder are the only way to get Africa to net-zero,” he explains. “The investment in M Auto is fully aligned with ATIF’s vision and mission to accelerate Africa’s industrial transformation and ecological transition while creating jobs and lifting people out of poverty.”

Source: RealWire (link opens in a new window)

Categories
Finance
Tags
electric vehicles, innovation, mobility, startups, sustainability