TIM Motors Plans to Replace 10% of Used Cars in Nigeria  With Chinese new Cars

Bennett  Oghifo

TIM Motors, a Chinese Auto company, has plans to replace at least 10% of the used cars in Nigeria’s market with Chinese new cars. 

Chief Executive Officer, TIM Motors, Leon Zhan stated this at a strategic growth summit in Lagos, held as a means to forge partnerships.

Zhan observed that Nigeria’s automotive market is dominated by used cars, stating that this was an advantage to them, and that they expect the new car market in the country to grow to at least 50,000 units within three years, and the company aims to capture 10 per cent to 20 per cent of this market.

To achieve this goal, Zhan said, they would offer Chinese new cars that are priced lower and come with better warranty, and that they intend to take advantage of Nigeria’s large population.

Also, TIM Motors would assist customers purchase these cars through the company’s partnerships with Chinese financing companies like C&D to attract more people.

“So that is the opportunity for us. We estimate, within the three years, the new car market will reach at least 50,000 so we are going to account for 10% to 20% of the new car market. Nigeria’s population is the largest in West, including East Africa. So, of course, the market is largest, and the environment here actually is very robust. We have very strong confidence to develop the market here. And secondly, actually, we’re already here for more than six years. We are not fresh for the business environment in Nigeria and we are not just fresh in the passenger vehicle area. 

“We are going to have Assembly plant here. We are going to  employ at least 100 to 200 local employees. We are going to train a lot of local people to be skilled in car maintenance, especially in new energy car maintenance.”

He requested favorable policies from the government to support their project, saying, “I hope the government can launch some policy to motivate Chinese new cars, rather than second hand cars, because we can help the government to solve the unemployment issues here, and we also can help the local government to build up the local supply chain, step by step.”

The company intends to launch two showrooms in Lagos- one in Ikeja and the other in Victoria Island. 

The CEO of MINADI, a subsidiary of Motomedia Group, Henry Orajiaka, lauded the strategic partnership and collaboration, with TIM Motors, describing it as a game changer in Nigeria’s automobile industry, considering the high quality and features of the range of cars and services.