Nigerian mobility financing startup, MAX, has laid off approximately 150 employees, accounting for 30% of its workforce. This move comes as the company prepares to finance 120,000 electric vehicles across Nigeria, Ghana, and Cameroon.
According to a MAX spokesperson, the restructuring is necessary for the company’s transition to exclusively financing electric vehicles. Previously, MAX offered a mix of electric and internal combustion engine vehicles.
The laid-off employees were notified via email, citing performance reviews as the reason. However, one former employee revealed that it was only later that they realized it was a mass layoff. The terminations were effective immediately, with no monetary severance packages offered.
To reduce costs, MAX has implemented measures such as reducing energy consumption and generator usage at its offices. The company aims to minimize its carbon footprint and is investing in renewable energy sources to power its business locations and battery swap stations.
MAX has partnered with PASH Global to invest $10 million in developing a network of EV charging stations across urban centers in Nigeria.
The company sources its electric motorcycles from original equipment manufacturers like Spiro, with each vehicle costing around $900.
With plans to finance 120,000 vehicles, MAX faces significant capital demands to support its expansion. Since 2019, the company has raised approximately $63 million in equity and debt financing.
