ZCZC
BSS-43
HYUNDAI-FAIR-DISTRIBUTOR
Fair tech plans to set up Hyundai’s assembling plant with dealership
DHAKA, July 25, 2020 (BSS) – Fair Technology Limited (FTL) today
announced its exclusive partnership with South Korean automobile giant
Hyundai aiming to set up car assembly plant in Bangladesh by the
middle of next year.
“We are committed to build the car assembling ecosystem in the
country and plans to roll our own plant in-between middle and second
half of next year,” said Mohammed Mesbah Uddin, chief marketing
officer of Fair group, the parent company of FTL, in a virtual
launching ceremony of Hyundai car’s sole distributorship.
He said they have started discussion with the government, especially
with the national board of revenue for some tax issues and if found a
clear direction FTL will move faster to make preparation for the
plant.
“Bangladesh is still a recondition car dominant market as only 25
percent cars sold here are new and our target is to reshape the
market,” said Mesbah unveiling their future vision.
FTL has aimed to upgrade the market share of brand new car up to 50
percent within next 3-4 years, he added.
This latest move by a local company is the outcome of government’s
favourable policy for car assembling industry in the country followed
by few others.
Fair Group is already manufacturing a huge variety of electronic
goods of Samsung in their local plant in Narsingdi including
smartphones, television, refrigerator, washing machine, air
conditioner, micro oven, air purifier and different kinds of home
appliances.
“Our vision is to transform Bangladeshi car market and provide the
best quality products to the consumers,” said FTL director Mutassim
Daiaan.
He said Hyundai has the best quality car lineup and Fair Technology
will provide the world class buying experience in their showroom as
well as offer best quality after sales service.
The Hyundai Motor Company, known as Hyundai Motors, is a South
Korean multinational automotive manufacturer headquartered in Seoul.
Fair had planned to launch the cars any time between March and April
but Covid-19 has forced them to revisit their plans, said Mesbah.
He said they have fixed two top priorities – one is to ensure best
quality after sale service and second one is to ensure parts
availability, and working on it to ensure that two services.
FTL meanwhile has developed a training module for the mechanics
across the country and will provide them training so customers can
easily get support from them. “We will also try our best to ensure
availability of the parts for cars across the country,” said Mesbah.
FTL also has plans to establish a recycling industry in Bangladesh
so consumers will not be faced with any hassle about resale issues, he
said.
The company launched two models of cars on Saturday and the next few
models will be added within the next 15 days, FTL said.
Initially the company has targeted Dhaka and then Chattogram market,
and within the next few months will move to other cities as well.
FTL said they made their decision to move to automobile industry by
conducting a massive study on the market which showed currently 25,000
to 30,000 pieces of car sales in the market annually is massively
dominated by the reconditioned cars.
In their product line, Fair also plans to ensure hybrid cars as the
demand is gradually increasing alongside electric cars, as both of
these will lead the car market in the coming days, Mesbah said.
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