Origins Rooted in Innovation and Social Impact
The inception of Palki Motors traces back to Mustafa Al Momin's early curiosity during his electrical engineering studies at BRAC University. Fascinated by the potential of repurposing abandoned vehicles with electric motors, Momin envisioned a sustainable transportation solution tailored for Bangladesh's urban landscape. After furthering his education in the United States, he returned home, determined to address the challenges faced by CNG drivers, including high operating costs and limited vehicle ownership opportunities.
Collaborating with Md Arifur Rahman, who brought expertise in business operations, the duo established Palki Motors in October 2022. Their shared vision centered on creating affordable electric vehicles that could alleviate the financial burdens of commercial drivers while contributing to environmental sustainability.
The "City Boy": A Game-Changer in Urban Transport
Palki Motors' flagship vehicle, the "City Boy," embodies the company's commitment to innovation and practicality. Designed to resemble the size of traditional CNG vehicles, the City Boy offers a range of 150 km on a single charge and features amenities like air conditioning and battery-swapping capabilities. Priced competitively at approximately Tk 5 lakh, it presents a cost-effective alternative for drivers seeking to reduce fuel expenses and maintenance costs.
By focusing on the needs of commercial drivers, Palki Motors addresses a significant gap in the market, providing a sustainable solution that enhances livelihoods and promotes cleaner urban environments.
Scaling Up: From Garage to Factory
Starting from a modest workshop, Palki Motors has expanded its operations to an 8,000-square-foot factory equipped with welding, painting, assembly, and testing facilities. The company sources vehicle bodies from international suppliers while conducting key manufacturing processes locally, ensuring quality control and cost efficiency.
This growth has been bolstered by strategic partnerships and investments, including a $100,000 impact investment from Accelerator Asia, South Asia’s largest pre-Series A accelerator. This funding supports Palki Motors' research and development efforts, production capacity enhancement, and market expansion initiatives.
Recognition and Future Aspirations
Palki Motors' innovative approach and social impact have earned it accolades, such as being named the Green Inclusive Business Champion of 2022. The company's dedication to sustainability extends beyond vehicle production, encompassing eco-friendly manufacturing practices and community engagement to promote environmental awareness.
Looking ahead, Palki Motors aims to scale its operations further, with plans to deliver 10,000 units of commercial passenger cars and electric pickups annually. By continuing to focus on affordability, sustainability, and local manufacturing, the company aspires to lead Bangladesh's transition towards a greener, more inclusive transportation future.
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