SUV cars getting popular

Runner Automobiles has been downgraded to the 'Z' category by Dhaka and Chittagong stock exchanges for failing to pay cash dividends for FY22 on time. The company had recommended a 10% cash dividend for FY22 but did not declare any for FY23.

Sales of luxury sedans and SUVs have plummeted by around 95% since July 2024, following Bangladesh’s economic downturn and political shift after the ousting of the Sheikh Hasina-led government. Market insiders, such as Saad Nusrat Khan of Progress Motors, report no sales since the political upheaval, with customers holding off on major purchases due to uncertainty. Additionally, the depreciation of the lo

Midland Bank PLC has signed a memorandum of understanding (MoU) with ACE Autos and ACE Workshop, a local car importer and automobile repair shop, offering special discounts to the bank’s cardholders. Under this agreement, MDB Visa platinum credit cardholders will receive a Tk 25,000 discount on car purchases from ACE Autos outlets and a 10 percent discount on car servicing fees at ACE Workshop outlets.

Quasem Industries, the manufacturer of Sunlite batteries, has announced it will terminate service agreements with three sister companies—Quasem Food Products, Quasem Lamps, and Sunlite Trading and Services—effective 1 October. These agreements involved marketing and distribution services, and their termination is expected to reduce the company’s service income and selling-related expenses. In the 2022-23 fiscal year, Quasem Industries earned Tk21.52 crore in service income from these sister concerns, with Tk13.82 crore coming from Quasem Lamps.

Meghna Automobiles, a subsidiary of Meghna Group, has begun selling three locally assembled KIA SUVs: the 1,500cc Seltos, 1,500cc Carens, and 2,000cc Sportage, with an official launch pending. Assembled at their Gazipur plant, the vehicles are priced significantly lower than imported fully built-up units, offering savings of up to Tk 20 lakh.

The tyre and tube market in Bangladesh is facing significant price hikes due to global increases in raw material costs and the disruption caused by the closure of Gazi Tyres, a key local manufacturer. Gazi Tyres, which holds over 50% of the market share, halted operations following arson attacks on its factory, leading to price increases of Tk 200 to Tk 800 per tyre in the past week for various vehicles, including motorcycles and auto-rickshaws.