MAX Lays Off 150 Employees Amid EV Expansion
The Nigerian mobility financing startup, Metro Africa Xpress (MAX), laid off approximately 30% of its workforce (150 employees) in January.
The primary reason for these layoffs was MAX‘s plan to finance 120,000 electric vehicles (EVs) across Nigeria, Ghana, and Cameroon—three times the number of electric and internal combustion engine (ICE) vehicles, motorcycles, and tricycles it financed in 2024.
The company expressed its appreciation for the affected employees and stated that the decision was not taken lightly. MAX assured that it would continue providing health insurance support and assist employees in transitioning to new jobs.
Alongside the layoffs, MAX also implemented various cost-saving measures, including reducing energy consumption and generator usage in its offices. Additionally, the company emphasized its goal of minimizing its carbon footprint.
In November 2024, MAX partnered with PASH Global, a renewable energy and impact investment firm, to invest $10 million in developing a network of EV charging stations across Nigeria’s urban centers.
MAX previously manufactured its own electric motorcycles but now sources them from original equipment manufacturers (OEMs) such as Spiro. The cost of a single vehicle can reach $900. With a target of 120,000 vehicles, MAX faces significant capital demands.
Founded in 2015, MAX has undergone several strategic transformations. Initially established as a delivery service, it later pivoted to ride-sharing.
Most recently, it has made vehicle financing its primary focus. These shifts reflect MAX’s efforts to adapt to the rapidly evolving mobility landscape.