BYD, Global EV Giant: Entering Bangladesh Market in March2 min read

BYD, a leading global electric vehicle (EV) giant headquartered in Shenzhen, is poised to introduce its first car in Bangladesh by March next year, according to sources at BYD’s distributor, CG-Runner Bangladesh Ltd. Reportedly, The BYD Seal, a premium electric sedan, is set to debut in the above-crore taka segment, marking the entry of BYD into the burgeoning EV market in Bangladesh. The distributor, CG-Runner Bangladesh, is a joint venture between Nepal’s prominent conglomerate Chowdhury Group and the local Runner Group, renowned for pioneering two-wheeler and three-wheeler manufacturing in Bangladesh.

The BYD Seal boasts a rapid-charging capability, allowing for a full charge in just 40 minutes with a fast charger. Its range extends up to 540 kilometers, while regular home charging takes six to seven hours for a complete charge. The distributorship agreement for BYD has been finalized, and the Bangladeshi operation’s recruitment phase is complete. Ongoing training programs for technicians and managers are actively underway to prepare the team for the imminent launch.

The Haque Building in Dhaka’s Tejgaon, formerly home to Runner’s prominent showroom, is undergoing preparations for BYD’s first Dhaka showroom. Additionally, a state-of-the-art service center is being established nearby. While Runner Group remained discreet when approached for comments on their upcoming EV endeavor, multiple sources within the group confirmed the finalization of the distributorship agreement and the completion of recruitment efforts.

Starting with the premium electric sedan BYD Seal, the company plans to gradually introduce more affordable car models to align with the growing mass market readiness. BYD’s global success in the EV market, competing notably with Tesla, positions it as a significant player in the evolving landscape of Bangladesh’s electric vehicle sector. As reported, China-based BYD’s third-quarter battery electric vehicle sales have equaled Tesla’s, capturing 17% of the global battery electric vehicle market. It is anticipated to surpass Tesla in the fourth quarter, according to a report by market research organization Counterpoint Research.

The entry of BYD into the Bangladesh market marks a notable stride in the country’s efforts to embrace electric mobility. The Electric Motor Vehicle Registration and Operation Guideline 2023, aiming for 30% electric vehicle adoption by 2030, is set to stimulate the EV market with supportive taxation and tariffs. Despite a relatively slow start, the Bangladesh market has witnessed recent EV launches by global brands like Audi and BMW. With BYD’s imminent entry, the electric vehicle landscape is poised for further growth and diversification in the coming year.

For more updates, be with Markedium.

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