New vehicle fleet purchases drop 90% in 4 years

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Corporate organisations financial ability in the purchase of brand new vehicles as pool cars and other logistics needs in Nigeria have dropped abysmally to 90 percent in past four years as result of the 70 percent on imported brand new vehicles, BusinessDay findings revealed.

Instead of the preference for brand new vehicles before the imposition of the 70 percent tax, many of them including the banks, insurance firms, oil companies, have in the past four years chosen to be refleeting their vehicle pool especially with used, including accidented vehicles from the different countries of origin that are imported into the country and subsequently fixed and refurbished.

Over time, many of the accidented that were later refurbished with its attendanted long or short susceptibility to crashes as a result of some of the defects that accompanied it upon entry are eventually sold as pool cars to the corporate institutions at cheaper prices.

This ugly situation has become worrisome when many Nigerians yearn to own a car of their own, but paying fully for one is a luxury aand most of them can’t even afford it in this economy when leading an active life requires mobility.

Reacting on the reasons for his company’s preference for used instead of brand new vehicles, Kelly Emeka, a finance manager of one the corporate institutions in Lagos told BusinessDay that, the move to settle for tokunbo cars was as a result of affordability due to the astronomical increase in the prices of new cars that has hit the roof top.

According to Emeka, ‘’As the period begin to witness shrinking economic activities and companies begin to witness reduced revenues and rising overhead cost, thereby making funds unavailable for new cars purchase, it becomes increasing imperative to make adjustments in the day-to-day funding … Read More...

Toyota Rush renews 7-Seater appeal,says TNL

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Authorities at Toyota Nigeria Limited (TNL) says the Toyota Rush SUV remains the best value for money if you’re looking for a new 7-seater for the family or something that can haul stuff around.

Today, a lot of automakers in the market are now offering 7-seaters from the ever-popular Japanese brands to more luxurious European marques, but the choice depends on whether the buying public is willing to part with millions of naira for a more luxurious model or is looking for something easier on the pocket.

But from feedbacks on the encouraging sales figure across the local dealerships in the country, there are positive indications that, the Toyota Rush will make huge impact in years to come.

Design-wise, the Rush is the best looking among its competitors and one that quickly stands out among other models in a good way, combining both a stylish design with a sporty and rugged appeal. The Rush does appear to borrow styling cues from other Toyota vehicles, particularly the Fortuner, but this design similarity can be seen more clearly at the front with the its wide grill and tapered headlight design.

One of the favorite features of the Rush’s exterior though is that, it comes standard with LED headlights rather than the standard halogen lights; a big upgrade for driving at night, though the white colour temperature does make the light bounce on a rainy road. The keyless entry doors and smart keyfob are also neat features for those who are too lazy to pull out the key and push a button.

Moving inside, the cabin is very spacious for its size with lots of headroom for passengers and even for those sitting in the third row.

Inside, the seats are soft and comfortable; they don’t yield as … Read More...

Vehicle owners repair costs dip over bad roads

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There are mounting concerns that total cost of ownership of new and used fleet vehicles by corporate institutions, commercial vehicle operators and individual owners in Nigeria are increasing as the day rolls by as a result of the negative economic effects of potholes and failed portions on the road which contributes to the wear and tear of the vehicles.

Almost everyday, there are dehumanising stories of what commuters go through on these bad portions of the roads dotted with gullies and craters, be it with commercial vehicles, company vehicles used in taking members of staff to and from work and individual privare car owners.

Experiences shared by commuters plying these routes have always left a constant sad reminder in the minds of travellers of a government at both the federal and state levels that have remained very insensitive to the sufferings and pains that travellers along this route go through.

Safety experts who studied the economic effects of bad road networks in the country estimates that, about 51% of vehicle users in Nigeria will experience one or more damages to their vehicles every month.

Reports also indicate that annual losses resulting from vehicle maintenance due to bad roads is valued at over N133.8 billion, apart from other economic losses from bad roads like air pollution, delayed movements, armed robbery and incessant accidents on the roads which has led to untimely loss of lives and properties.

At every point in time a vehicle is under stress as a result of bad effects of decrepit portions the road, the major safety components of the entire suspension systems made of the break systems, the bushing, the lower arms and the stabiliser linkages becomes the first spare parts that will be affected.

This ugly picture indeed should be of … Read More...

Toyota provides nearly 24,000 licenses royalty-free

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With consideration for the amount of time, money and resources needed to develop sustainable mobility to help combat rising emissions and continuing to utilize currently available technology, Toyota Motor Corporation (TMC) has announced two measures related to its patents and technical knowledge to further promote the widespread use of electrified vehicles.

First, Toyota announced that it will grant royalty-free licenses on nearly 24,000 patents it holds (including some pending applications) for vehicle electrification-related technologies.

Second, the automaker will provide fee-based technical support to other manufacturers developing and selling electrified vehicles when they use Toyota’s motors, batteries, PCUs, control ECUs, and other vehicle electrification system technologies as part of their powertrain systems.

Ultimately, by granting royalty-free patents and providing technical support on its vehicle electrification systems, Toyota aims to help further promote the widespread use of electrified vehicles, and in so doing, help governments, automakers, and society at large accomplish goals related to climate change.

The royalty-free patents are advanced technologies found in electrified vehicles, particularly those used in hybrid electric vehicles (HEV) that have helped Toyota realize enhanced performance, reduced size, and cost reductions.

More specifically, the patents included are for parts and systems, such as electric motors, power control units (PCUs), and system controls.These are core technologies that can be applied to the development of various types of electrified vehicles including HEVs, plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV).

Together, it will offer approximately 23,740 patents awarded over 20 years of electrified vehicle technology development. The grant period will start immediately and last through the end of 2030. Contracts for the grants may be issued by contacting Toyota and discussing specific licensing terms and conditions.

It has already been offering 5,680 patents related to its fuel cell electric vehicles (FCEV) … Read More...

EVs targets 56% selected LCV markets by 2040

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Electric vehicles, or EVs, are on track to encroach significantly on the market for vans and short-distance trucking, according to the latest forecast from research firm BloombergNEF (BNEF).

Based on analysis of the evolving economics in different vehicle segments and geographical markets, BNEF’s Electric Vehicle Outlook 2019 shows EVs taking up 57 percent of global passenger car sales by 2040, slightly higher than it forecast a year ago.

Electric buses are set to hold 81% of municipal bus sales by the same date. For the first time, BNEF has, however, also incorporated in its forecast detailed work on the commercial vehicle market.

Their projections show electric models taking 56 percent of light commercial vehicle sales in Europe, the US and China within the next two decades, plus 31 percent of the medium commercial vehicle (MCV) market.

Heavy trucks will prove the hardest segment for electrics to crack, with sales of the latter limited to 19% in 2040. Their use case will mostly be in shorter-distance applications.

However, conventional heavy trucks on long-haul routes will also face other, non-electric competition from alternatives such as natural gas and hydrogen fuel cells.

“Our conclusions are stark for fossil fuel use in road transport,” says BNEF advanced transport head Colin McKerracher.

“Electrification will still take time because the global fleet changes over slowly but, once it gets rolling in the 2020s, it starts to spread to many other areas of road transport. We see a real possibility that global sales of conventional passenger cars have already passed their peak.”

Meanwhile, the role of shared mobility services such as ride-hailing and car-sharing will be important in this evolving picture.

These services account for less than 5 percent of all passenger miles travelled globally at the moment, but this is set … Read More...