Good Group announces car assembly tie-up with Hyundai
Fair Technology yesterday announced it again has entered into a special partnership with South Korean automotive producer Hyundai Motors to set up an automobile assembly plant found in Bangladesh within the second half of next year.
Bangladesh is still a good reconditioned car dominant industry as only 25 % of cars sold here are new, said Mohammed Mesbah Uddin, chief advertising officer of parent firm Fair Group, in a good virtual ceremony marking the announcement.
As per Fair Technology's market research, some 25,000 to 30,000 cars are sold every year in Bangladesh -- and the majority of them are actually second-hand ones brought in from Japan, where as a result of superior road conditions the wear-and-tear is minimal.
"We are focused on building the automobile assembling ecosystem in the country. Our target can be to reshape the marketplace as you of new autos," Uddin said.
The business is targeting to upgrade the marketplace share of brand-new cars to 50 per cent within the next 3 to 4 years.
Some years ago, the government undertook a favourable policy to develop the car assembling industry and a few companies moved to take good thing about it.
Fair offers started discussions with the government, especially with the National Panel of Revenue, over some tax concerns and if a clear direction comes up the business would expedite the preparations for the plant, Uddin added.
Fair already is rolling out the competency to produce sophisticated, high-tech products.
It really is already manufacturing an enormous variety of electronic things of Samsung within their Narsingdi plant including smartphone, television, refrigerator, washing machine, air conditioner, microwave oven, air cleanser and other home appliances.
Good Technology also obtained the exclusive dealership of Hyundai and yesterday rolled out several car models of the South Korean brand.
A few more will be made available next 15 days.
Fair decided to launch the autos sometime between March and April however the pandemic forced them to bring adjustments to the strategies, according to Uddin.
"Our vision is to transform the Bangladeshi car industry and provide the best quality products for the customers," said Mutassim Daiaan, director of Good Technology.
Hyundai gets the best in top quality within their car line-up and Good Technology would provide a world-class customer knowledge in their showrooms and after-sales services, he said, adding that attractive warranties will be provided too.
The South Korean manufacturer is currently dominating different market segments, including that of India, where it's the second biggest player.
"In Bangladesh, we've no position now but next few years, you want to cater to an excellent portion of the marketplace, which we are expecting," Uddin said.
Fair Technology offers fixed two leading priorities -- best value in after-sales provider and option of parts -- plus they were positioning massive efforts to ensure those.
It has developed an exercise module for mechanics in the united states such that consumers can simply access support from their website.
In addition, it has plans to determine a recycling industry found in Bangladesh so that customers do not deal with any hassles on resale problems, Uddin said.
The company has initially targeted Dhaka and then to Chattogram. After that, it will set up shop in other locations.
Fair also programs to supply hybrid cars due to the demand is little by little increasing alongside that of electric autos, both of which will lead the car market in the approaching years, Uddin said.
