Over the last couple of years, we have heard news of local companies setting up automobile manufacturing plants all across Bangladesh, and now we are one step closer towards seeing locally made cars plying on the streets more often than we are used to.
Fair Technology Limited, the sole distributor of the world-renowned Hyundai vehicles in Bangladesh has shared plans to launch locally made Hyundai cars by the end of 2022.
With a target to provide affordable sport utility vehicles, Fair Technology has teamed up with the Korean automobile giant to serve the growing Bangladesh market.
The demand for new cars is growing by 5% every year in Bangladesh, where around 5000 cars are being sold across the country.
Last year, Fair Group’s subsidiary Fair Technology Limited announced that they were setting up a manufacturing plant for Hyundai Motor Company, for which they signed an agreement with the Bangabandhu Hi-Tech Park Authority.
The car manufacturing plant is being set up on six acres of land at Kaliakair in Gazipur invested by Fair Technology and technical assistance from Hyundai Motor Company.
Mutasim Dayan, CEO of Fair Technology Limited told the press: “To keep pace with the current era of modern technologies, Fair Technology will start production of electric vehicles by 2023."
Some of the locally assembled vehicles that have gained huge popularity in the market are Pragati made Mitsubishi vehicles and PHP’s Proton cars.
