IVM; company profile, Location, history and net worth

IVM (Innoson Vehicle Manufacturing Co. Ltd.) is a Nigerian automobile manufacturer with its headquarters Location in Nnewi, Anambra, Nigeria. It was founded by Chief Innocent Chukwuma Nwala. Innoson Vehicle Manufacturing is nicknamed ‘Pride Of African Roads.’

IVM COMPANY PROFILE

Innoson Vehicle Manufacturing Company (IVM) is one of the biggest among automobile manufacturers in Nigeria, IVM was commissioned by His Excellency, President Goodluck Ebele Jonathan at Nnewi. IVM is part of the Innoson Group of Companies founded by the visionary Chairman, Mr. Innocent Chukwuma, Officer of the Order of the Niger (OON).

Founder of IVM, chukwuma-innoson

IVM introduces automotive products from China, Japan and Germany. It’s product line includes heavy duty vehicles, middle and high level buses, special environment friendly vehicles. The company carries out optimization design and assembly according to African road condition so as produce suitable products at affordable prices. The company also provides good services for repairs and parts supply. All these actions are engineered to meet the customers’ special requests, attain the highest possible performance and safety standards and also make the vehicles suitable for the African market.

IVM started with 45-seater buses. It has 35-seater, 33-seater and 26-seater buses. There are also 22-seater and 18-seater types. It also has double cabin pick-ups and SUVs. The range also includes refuse compactors, but they are built only on request. We have built the refuse compactors for some state governments

According to the company, 70% of its car parts are produced locally, while the rest are sourced from Japan, China, and Germany. Among IVM’s vehicle models are the five-seaters ‘Fox‘ (1.5-litre engine) and ‘Umu’ (2-litre engine) as well as the mini-bus ‘Uzo.’

IVM g40-6

On 20th May, 2022, Innoson presented its first “Keke”. The are three-wheeled motor vehicles and the main means of transport in Nigeria. They have so far been imported from the Far East and usually cost about 800,000 Naira or 1,600 Euros. Innoson announced a selling price of 500,000 Naira or 1,000 Euros. The production capacity is 60,000 “Kekes” per year. This is to be increased by a new production plant in Owerri in Imo State on a plot of land of 150,000 square metres. The domestic production of the ubiquitous trikes in Nigeria is expected to have a positive impact on Nigeria’s trade balance and labour market.

HISTORY OF IVM COMPANY

In 1978, the founder Dr. Innocent Chukwuma [OFR] discovered his natural talent as an entrepreneur in his elder brother’s medicine store (Chemist) after his Secondary School Education. He became an apprentice with Chief Romanus Eze Onwuka, (Rojenny) in 1978, then the biggest dealer on motorcycle spare-parts in the Nnewi Market. In 1979, after 6 months of apprenticeship with Rojenny, he returned to his elder brother, Chief Gabriel Chukwuma who promptly registered Gabros International Limited to trade on motorcycle spare-parts. He was given the sum of N3,000 to start, and allowed the freedom to run the business. In 1981, our founder launched out independently backed with the startup capital of N20,000 from his elder brother to start his own motorcycle spare-parts business. Innoson Nigeria Limited was incorporated to merely sell Tyres and Motorcycle spare-parts at Nkwo Nnewi, Anambra State, Nigeria as of 1982.

In 1984, the founder ventured out to Asia in search of foreign suppliers when unfavourable economic policies from the Nigerian military hindered local suppliers from meeting the growing market demands. To beat the price of Japanese motorcycles, in 1987 Innoson Nigeria Limited brought in the first Jingcheng brand of motorcycles from China. Jingcheng is the direct equivalent of Suzuki from Japan and Jiachi, Chinese equivalent of Yamaha from Japan.

A fully automated motorcycle assembly plant was established at Nnewi, Anambra State in 1995, becoming the first fully indigenous motorcycle maker in Nigeria. In 2002, Innoson Technical and Industrial Limited was launched, the biggest Plastic manufacturing plant in Nigeria with over 150 product lines.

IVM group brought down the price of a brand new motorcycle from N150,000 to N60,000, and drove out tokunbo (foreign-used) motorcycles from Nigeria. In February 2009, the first made-in-Nigeria vehicle emerged! Under another subsidiary, Innoson Vehicle manufacturing Company Ltd. (IVM) the dream became a reality at Nnewi.

NETWORTH OF IVM COMPANY

IVM, Innoson Vehicle Manufacturing company’s net worth is estimated to be $1.5Billion.