Canadians to charge up Ja's electric vehicle market with Flash Motors

Flash Motors Company Limited Expands into Jamaica's Electric Vehicle Market

Flash Motors Company Limited, founded by two Canadians with Jamaican roots, is set to launch a suite of products in the local electric vehicle (EV) market. Flash Motors will distribute electric vehicles and service equipment, establish charging stations, and offer software to support site operations. “We are bringing a suite of best-in-class products to enable the electric vehicle market,” said Carey Escoffery, co-founder and CFO of Flash Motors.

Escoffery and his business partner, Xavier Gordon, who serves as CEO, have already formed local partnerships to bring their products to market. The founders, primarily based in Canada, are “sons of the soil.” Gordon was born and raised in Jamaica, while Escoffery was born in Canada to Jamaican parents.

Local partnerships include Stewart’s Automotive Group and Wigton Windfarm. Last week, Wigton announced to the Jamaica Stock Exchange its agreement to acquire a 21% shareholding in Flash Holdings Limited, the parent company of Flash Motors. This initiative aligns with Wigton's diversification strategy and commitment to environmental sustainability. “We are very much aligned with Wigton’s vision. We understand the need to tie electric vehicle and transportation to renewable energy generation, making this partnership a natural fit,” Escoffery said.

Transitioning from Renewable Energy to EVs

Before entering the electric transportation space, the founders operated a renewable energy business in Canada, building out charging infrastructure for the Canadian government and private firms. Escoffery, previously a finance manager at BMO Financial Group, and Gordon, a former engineering manager at General Electric Canada, are now preparing to introduce Flash Motors’ products in Jamaica. “Over the coming weeks and months, you will start to see our products on the roads. We have landed several vehicles in partnership with Stewart’s,” Escoffery told Loop News.

Currently, Flash Motors and Stewart’s are testing vehicles to ensure market readiness. “Stewart’s has a tremendous reputation for vehicle sales and service, making them an ideal service partner,” Escoffery added.

Promoting EV Value and Addressing Challenges

Flash Motors aims to highlight the benefits of electric vehicles, including lower operating costs, greater energy efficiency, improved security, and a reduced environmental impact. Despite Jamaica’s relatively high electricity costs, the efficiency of EV drivetrains still provides significant savings compared to fuel costs.

A Stakeholders’ Consultation Document by the Office of Utilities Regulation (OUR) outlines that as electricity prices drop, EV ownership becomes more financially attractive. The report also predicts that incorporating cheaper renewables into the energy mix will further enhance EV appeal.

Escoffery emphasized the importance of advancements in infrastructure and regulations. He acknowledged the Jamaica Public Service for its leadership in developing EV support infrastructure and credited private investors for their contributions.

Most EV charging, he noted, will occur at home, similar to how people charge their phones. “With an electric vehicle, we treat it like our phones. When you get home, the first thing you’re going to do is charge your phone,” Escoffery said. Flash Motors’ vehicles offer a range of 500 kilometers or more, sufficient for travel within Jamaica.

Government Incentives and Global EV Trends

Escoffery commended the Jamaican government for its incentives outlined in the 2022 national budget. Measures include reducing import duties on EVs from 30% to 10% for five years and waiving annual registration fees for battery electric vehicles. Globally, the International Energy Agency (IEA) reports that EV sales grew during the economic challenges of the COVID-19 pandemic. The IEA predicts battery-powered and hybrid vehicles will rise from over 5 million to nearly 140 million by 2030. By combining their expertise, partnerships, and government support, Flash Motors is poised to play a pivotal role in driving Jamaica’s transition to electric transportation.