Bangladesh Auto Industries Limited, an Electric Vehicle manufacturer, introducing the country’s first electric vehicle (EV) manufacturing plant, hopes to go for commercial operations within the next month and for products to hit the market by June-July of 2022. Mir Masud Kabir, managing director of the BAIL, recently informed about this development in an agreement signing program at Dhaka Club.
The total project cost is estimated at BDT 337 crore; out of this amount, “BAIL” is to raise BDT 167 crore from five banks and non-bank financial institutions. The BIFFL would contribute BDT 75 crore, and the banks will contribute the rest BDT 92 crore. The remaining amount will come from equity and foreign direct investment, according to the “BAIL.”
Bangladesh Auto Industries Limited is nearly finished constructing the factory on 100 acres at Bangabandhu Sheikh Mujib Shilpa Nagar, Chattogram. The company’s MD, Mir Masud Kabir, expects to launch commercial operations within the next month and products for sale by June or July of 2022. The company is expecting to sell an SUV at BDT 25 lac, sedan range at BDT 12-15 lac, and a hatchback at BDT 8 lakh or even less. Using electric vehicles would reduce fuel costs by 90%, and the cost of energy per kilometer would be less than BDT 2.
The company’s target is to provide sedans and SUVs at reasonable prices to the middle and lower-middle-income groups. It is estimated that the company’s annual car sales will reach 2 lac units by 2025 and 10 lac units within the next ten years.