Fair Technology Limited, Bangladesh's partner and sole distributor of the Korean Hyundai Motor Company, launched the Elantra 2021 on Sunday.
The mid-range sedan with a 1.6-litre gasoline engine, which won the 2021 North American Car of The Year award, is available in Bangladesh at a price tag of Tk37 lakh and is expected to compete very well with Honda Civic and Toyota Corolla Altis.
"Customers who value the premium look and feel of a sedan at an affordable price are our main target," said Fair Group Head of Marketing JM Taslim Kabir.
His company expects alongside private sector buyers, many government officials who are availing car loans would prefer the new model manufactured in Hyundai's Ulsan plant in South Korea.
Mid-range sedans, priced at Tk30-40 lakh, now make more than one-fifth of the Bangladesh sedan market, which halved over the last four years to below 10,000 units a year.
Despite the increasing popularity of brand new ones, Japanese reconditioned cars still occupy 80% of the market.
But of the customers who pay over Tk30 lakh for a car, an increasing number of them prefer brand new ones over reconditioned, mid-range sedans such as Toyota Premio.
Currently, 300-350 of the around 2,000 mid-range sedans sold here annually are brand new, according to car marketers.
Brand new Toyota Corolla Altis, priced at around Tk40 lakh, is selling over 100 units a year.
Besides, Honda Civic, priced at Tk39 lakh, is also selling around 100 units annually.
The competitive price tag on top of the three-year or one lakh kilometre warranty would attract a large number of buyers, Fair Technology officials expect.
"We are planning special campaigns for customers who look for the latest versions of cars from global brands to feel premium," said the Fair Group chief marketing officer.
His company won the local partnership of Korean carmaker Hyundai a year ago and had already sold 250 units of Hyundai cars, mostly entry-level sport utility vehicles.
However, Hyundai cars in their journey of more than 1.5 decades in Bangladesh are around 10,000 in number on roads.
Prior to Fair Group Millennium Motors, another local company was handling Hyundai cars here.
Fair Group added Hyundai as its automotive vertical following its remarkable success in manufacturing Samsung smartphones, televisions, and home appliances locally.
Now they have a plan to build a factory to assemble Hyundai cars locally soon.
Fair Technology Managing Director Ruhul Alam Al Mahbub said, "Fair Technology launched a versatile line-up of passenger vehicles in the pandemic and is taking up challenges every day to expand the automotive wing horizontally and to ensure widespread authorised Hyundai service countrywide."
"Our ultimate vision is the betterment and enrichment of our people's lifestyle by using Hyundai's technology and expertise.''
The 2021 Hyundai Elantra comes with a 1.6L MPI engine mated with 6-Speed automatic transmission which provides improved performance and fuel efficiency.
The all-new seventh generation Elantra showcases a parametric dynamics exterior design identity and an air cockpit style wraparound driver-oriented interior structure, which provides comfort and luxury with a full leather package, dual zone auto climate control, and a power sunroof.
The car also provides exciting driving dynamics and the most progressive in-car experience in its class.
Fair Technology Director Mutassim Daiaan inaugurated the virtual launching ceremony while the group's advisor Major General (retired) Hamid R Chowdhury, Head of Sales Abu Naser Mahmud, and other senior officials spoke on the accession.