Govt Targets 30% Electric Transport by 2040

Sales of heavy-duty trucks and covered vans rebounded in 2024, driven by pent-up demand and fleet replacement cycles, despite economic uncertainties. According to BRTA data, covered van registrations increased by 57% to 2,949 in 2024 from 1,874 in 2023, while truck registrations grew 16.5% to 2,671 from 2,292.

Mitsui & Co., one of Japan's largest general trading companies, has acquired an 18.5% stake in Bangladesh's ACI Motors Limited for $22.75 million through its Singaporean subsidiary. The investment, received as foreign direct investment, aims to leverage Mitsui's global network to help ACI Motors expand internationally and diversify its product range to include rice processing equipment and electric and passenger vehicles.

Electric vehicle (EV) sales in Bangladesh remain sluggish due to high registration costs and taxes, discouraging buyers despite the government's push for low-emission vehicles. The BRTA calculates EV registration fees based on kilowatt power, equating a 150-kilowatt EV to a 3,000cc car, with costs ranging from Tk 3-4 lakh and a one-time advance income tax of Tk 1.5 lakh.

Midland Bank PLC signed a memorandum of understanding (MoU) with BP Manufacturing (BD) Co Ltd on November 30 to provide an online cash management solution via the "Midland Cash Management (MCM)" application. The agreement was signed at BP Manufacturing’s headquarters in Uttara EPZ, Nilphamari, by senior representatives of both organizations.

Bank Asia has signed an agreement with Rancon Motors, the Mercedes-Benz distributor in Bangladesh. Under the deal, Bank Asia credit cardholders will receive a 10% discount on servicing and 5% off parts for Mercedes-Benz vehicles.

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.