Metro Africa Xpress (MAX), a Nigerian mobility financing startup, recently let go of 150 employees, approximately 30% of its workforce, as part of a major restructuring effort tied to its growing focus on electric vehicles (EVs). Sources familiar with the company’s operations revealed that the layoffs took place in January, just as MAX ramped up plans to finance 120,000 EVs across Nigeria, Ghana, and Cameroon. This ambitious goal exceeds the total number of vehicles, electric and internal combustion engines (ICE) the company financed in 2024.
A MAX spokesperson confirmed the layoffs, stating that the shift was necessary as the company transitions to exclusively financing EVs. Previously, MAX operated on a rent-to-own model, offering both electric and ICE vehicles priced around ₦2 million ($1,280) in 2024. The restructuring aims to align MAX’s business model with its long-term sustainability vision.
“This decision was not made lightly,” MAX said in an internal email, expressing gratitude to affected employees and outlining support measures such as health insurance and job placement assistance. Despite these assurances, the company did not disclose the exact number of employees impacted.
For some employees, the layoffs came as a surprise. One former staff member, who requested anonymity, shared that their termination email referenced performance reviews rather than broader company restructuring. “At first, I thought it was a personal issue. It wasn’t until later that I realized it was a mass layoff,” the source said. The dismissals were immediate, with no monetary severance offered.
Beyond workforce reductions, MAX has implemented additional measures, including scaling back energy consumption at its offices. A senior company insider disclosed that these changes are part of a broader effort to reduce operational expenses and minimize the company’s carbon footprint. MAX acknowledged these measures, stating, “We are investing significantly in energy solutions to power our business locations and battery swap stations.”
The transition to EVs is not without financial hurdles. In November 2024, MAX partnered with renewable energy investment firm PASH Global to develop a network of EV charging stations across Nigeria, a project valued at $10 million. The company, which previously manufactured its electric motorcycles, now sources them from original equipment manufacturers (OEMs) such as Spiro. Each unit costs as much as $900, adding to the capital required for MAX’s ambitious expansion.
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