The Bangladeshi government is localizing the manufacturing of electric vehicles to reduce the price of the cars.
According to The Business Standard, the tax on EVs and hybrids has been reduced by 33% for locally manufactured vehicles.
The tax reduction will come as a relief, as EVs and hybrid cars with engines of 1,500 cubic centimeters or less face a tax burden of 89%.
The government made a similar move in 2022 when it encouraged Kia, Mitsubishi, and Hyundai to make their gas-powered vehicles locally, which lowered the price of the cars.
Bangladesh has been slow to adopt EVs. However, the government is looking to "achieve a 30% electric vehicle market share by 2030," per The Business Standard.
Rancon Group Executive Director Mostafizur Rashid Bhuiyan said: "We aim to localise some plug-in hybrid cars, as demand is rising quickly due to their fuel efficiency. Localisation could reduce prices by 20%."
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Unfortunately, the new incentives come with strict rules. For example, e-bike manufacturers will be required to produce things such as electric motors, batteries, and shock absorbers, which isn't feasible.
"The government should relax these criteria; otherwise, e-bike and electric car manufacturing will struggle to attract investment," Asian Motorspex Limited Managing Director Sajedur Rahman said.
The United States has its own incentives and tax breaks as part of the Inflation Reduction Act to encourage people to switch to EVs. You may be eligible for a credit of $7,500 when you purchase an EV.
However, the benefits may not be around forever, as a provision in the proposed "Bill Beautiful Bill" would phase out those credits, per USA Today. If you're in the market for a vehicle, it may be prudent to take advantage of those incentives sooner rather than later to maximize your potential savings.
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While EVs are an investment, the prices have been coming down, and subsidies certainly help offset the cost. You can also save money with an EV — up to $1,500 on gas and maintenance annually.
The U.S. EV market has grown significantly and is now vast. You can choose from carmakers such as Tesla, Volkswagen, Toyota, Honda, Nissan, Ford, and more.
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