Local Firm Is Ready To Invest $200 Million To Manufacture Electric Vehicle In Bangladesh2 min read
“Local firm set up $200 million plant in Bangladesh”- if you work in the automobile industry, then you may already have heard the news. A local automobile company in Bangladesh is ready to invest some cash and the name of the company is Bangladesh Auto Industries Ltd(BAIL).
According to Mir Masud Kabir(managing director of the company), the facilities and the civil work will be done by December 2019.
“We will install the manufacturing equipment by March next year and the manufacturing will begin in June.” Said Mr Kabir.
The company will produce two-wheelers, three-wheelers, hatchback, sedan, and SUV(sport utility vehicle ). It also plans to manufacture vehicles like pick-ups and mini-trucks.
Mango Teleservices Ltd( local telecom service provider) holds the majority share in Bangladesh Auto Industries Ltd.
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An EV(also known as the electric vehicle) uses lithium ion battery packs rather than fossil fuel. The battery is environment-friendly and rechargeable and that’s why there is a good market here. So it’s not a bad idea to invest here.
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According to CAM (Center of Automotive Management), a German-based institute based in Germany, the world will see the end of fossil fuel cars as all fossil fuel cars will be replaced by the EVs within next 25 years.
Mir Masud Kabir said, “Customers will replace their fossil fuel-run vehicles with EVs thanks to lower price and cheaper fuel cost and the environmental benefits.”
Kabir has also informed that foreign partners from China, America, Italy and India will give the technical support for the whole facility.
There is another piece of information you need to know. It has already been mentioned that the $200 million will be spent on the project. Local investors will fund the 80% of the needed amount. Whereas, the foreign investors will take part for the other 20%.