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A local mobility startup is offering electric vehicles on credit

ZimTorque emobility traders buy electric vehicles on credit

Electric Vehicles are the future whether we like it or not. A petrol head like myself has had to bend the knee and accept that the future is electric mainly because many of the manufacturers are ending combustion engine vehicle production in the 2040s. This might be something that will take time to be a reality in Zimbabwe because we don’t yet have charging infrastructure as well represented as fossil fuel service stations but an e-mobility startup called ZimTorque is not deterred and has launched a “pay as you drive” or credit facility for electric vehicles to help speed up adoption.

For those who might be unfamiliar with the name, ZimToruqe is an organisation that started hosting events around cars in Zimbabwe. It then pivoted to being one of the biggest advocates for EVs in the country. We even had the founder of the organisation Tanaka Kutama on our Technikari podcast to go over the viability of EVs in Zimbabwe.

What are the terms?

ZimTorque/Emobility Traders are asking for a 50% deposit before the vehicle is shipped. You will then pay the balance of that vehicle in instalments over a set number of months depending on the value of the car. The automobiles on offer start from the very familiar Honda Fit Hybrid all the way to the Telsa Model S

Total Price (US$)Deposit (US$)MonthsMonthly Fees (US$)
2013 -16Honda Fit Hybrid 8,500.004,250.008531.00
2013 -16Toyota Prius 8,500.004,250.008531.00
2013 -16Nissan Leaf EV10,000.005,000.008625.00
2017-21Nissan Leaf EV30,000.0015,000.00121,250.00
2019-20Peugeot e-20845,000.0022,500.00181,250.00
2017-20Tesla Model S90,000.0045,000.00241,875.00
2017-20Tesla Model 365,000.0032,500.00241,354.17
2020Hyundai Ioniq 555,000.0027,500.00241,145.83
2020Hyundai Kona62,000.0031,000.00241,291.67

As you can see the types of vehicles can be the classic Battery Electric Vehicles (BEVs), or Hybrids and according to ZimTorque, it takes on average 6 weeks for the car to arrive.

Looking at what’s on offer, there is a decent spread from what is attainable to those with dizzying zeros in the price tag. But the addition of credit does make the electric vehicles on offer appealing. Having the flexibility to pay month to month is something that I am sure would interest a lot of people.

You can check out ZimTorque’s entire catalogue and their contact details with the link here.

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8 thoughts on “A local mobility startup is offering electric vehicles on credit

  1. In this current environment buying an electric vehicle is not economically feasible. Where are you gonna charge it. If that tesla breaks down who’s gonna do the repairs. We are still a mile away from eliminating fossil fuels in Zimbabwe

    1. Exactly! And imagine trying to drive Hre to Byo in one of those! Will take you 2 days with the charging in between if you lucky to find charging along the way

  2. Deposit is almost the full price of the car wouldn’t make financial sense. If you have the deposit then just top up yourself.

  3. Well for starters it’s a noble idea, the government can actually help bolster this idea by reducing or completely removing import duties and taxes on the purchase of EVs and hybrids, this may encourage faster adoption of the whole kit, charging shouldn’t be too much of an issue as most these vehicles have a range well within what most Zimbabwean drivers would deem practical driving distances in and around towns and cities.

  4. The guy is taking no risk, actually doing next to nothing. The deposit will pay for the car then the other repayments are basically clear profit for him! Meantime the customer has shelled out a lot of money and has to sit and wait 6 weeks! If the car was already here and one could just walk in with your deposit and drive out with the car that might be worth it. In addition the batteries on those cars basically only last 5 years, beyond that you are on borrowed time and it will cost you US4000 to buy new batteries plus duty, shipment etc!

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