BYD Enters Bangladesh EV Market

Industry: Automobile, Automotive
Company: BYD Auto Co. Ltd
Company Intelligence Tag: Business Insights

Global EV giant BYD is set to introduce its first car in Bangladesh in March,2024. The premium EV sedan, BYD Seal, will offer a range of up to 540 kilometers on a full charge and can be fast-charged in 40 minutes. The distributor, a joint venture between two conglomerates, has finalized the agreement and completed recruitment for the Bangladeshi operation.

BYD aims to gradually introduce more affordable car models in line with mass market preparedness. The company’s third-quarter battery electric vehicle sales have reached 17% of the global BEV market, tying with Tesla. China, the world’s largest EV market, saw an 11% year-on-year growth in domestic EV sales in the third quarter.

The Electric Motor Vehicle Registration and Operation Guideline 2023 in Bangladesh aims to ensure that 30% of vehicles are electric by 2030. Despite the recent introduction of EVs by global brands, the total EV registrations in Bangladesh have yet to surpass 100 this year. Local EV startups are also gearing up for manufacturing and popularizing EVs in the country.

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