Chinese automaker BYD, present in the country through CG-Runner Bangladesh Limited for two years, will now produce electric vehicles locally. Three of its models are already on the market, and strong demand has prompted Runner Automobiles, a listed company, to move forward with domestic manufacturing.
At a board meeting held on 20 March, Runner approved the decision to manufacture vehicles and also reviewed its current business situation. The board gave consent to sign a “Master Supply and Manufacturing” agreement with Shenzhen-based BYD.
In a notice, Runner Automobiles stated that this partnership could mark a significant milestone for Bangladesh’s automobile industry, creating new opportunities for local production expansion and technology transfer. Highlighting BYD’s global reputation in the automotive sector, the board expressed strong confidence in the potential of this strategic collaboration.
Following the announcement, Runner’s share price rose by 9.97% reaching Tk37.50 on the Dhaka Stock Exchange on Tuesday.
Speaking to Daily Sun, Runner’s Chief Financial Officer (CFO), Shanat Datta, said the initiative is still at an early stage. “We have taken a board decision to manufacture electric vehicles, and the agreement with BYD has been completed. Some additional processes remain, which we expect to finalise between April and May,” he added.
Regarding whether Runner will focus on specific BYD models, Shanat said the company will not limit itself to any particular model. “We will manufacture vehicles based on customer demand. The annual demand for private cars in the country is around 25,000 to 30,000 units. With new models entering the market, vehicles will become more affordable for the middle-income segment, which is expected to further boost demand,” he noted.He also mentioned that no new plant will be required for EV production. Instead, existing facilities will be upgraded through BMRE (Balancing, Modernisation, Rehabilitation, and Expansion). Investment decisions are yet to be finalised and are expected to be discussed in detail within the next three to four months.
Recently, a new plug-in hybrid electric vehicle (PHEV), the Seagull-5 (Sealion-5), was introduced in the Bangladeshi market. The price has been set at Tk48.9 lakh, with a special offer of Tk47.9 lakh for the first 500 customers. Official sales began in February.
