EV maker Omega Seiki Mobility (OSM) will set up a manufacturing facility in Bangladesh for its M1KA brand of e-trucks besides their distribution in a joint venture with Brandwin Group, at an investment of USD 10-million.
The proposed facility will cater to the domestic market of Bangladesh as well as its exports requirements and will be functional by as early as 2024, initially with the assembly of completely knocked down (CKD) kits of M1KA trucks, including 1-3 tonne capacity trucks, OSM said in a statement on Tuesday.
OSM already has a production plant for its cargo and passenger three-wheelers in Bangladesh, which will start production from April.
With its dynamically growing economy and significant potential in the electric truck market, Bangladesh presents the ideal conditions to further strengthen the company’s position in the region, OSM said.
“The two companies will be making an investment of USD 10-million for manufacturing and distribution of M1KA. OSM anticipates an initial sales volume of 500 electric trucks per year,” it said.
The company said it will be offering an entire range of M1KA trucks exclusively to Brandwin, which is one of the largest diversified business groups in Bangladesh with presence across sectors such as infrastructure, real estate, FMCG and trade and commerce, among others.
“With proper marketing strategies we believe, we can secure a large portion of the market share within the shortest possible time in Bangladesh (with this JV partnership),” said Ali Haider Ratan, Managing Director and Chief Executive Officer at Brandwin Group of companies.
