Bangladesh, Aug. 24 -- Runner Automobiles has signed an agreement with Chinese company BYD to set up a plant for manufacturing electric vehicles (EVs).

Under the technical license agreement (TLA) signed with BYD last week, the company will receive the technical details required to design an EV manufacturing plant in Bangladesh.

Sanat Datta, chief financial officer (CFO) of Runner Automobiles, said a series of agreements were required to start manufacturing EVs.

In March last year, Runner signed a Master Supply and Manufacturing Agreement (MSMA) with BYD to establish a strategic alignment, and the company's board approved the agreement on Thursday.

In the second phase, Runner needed to sign the TLA with BYD as part of its initiative t...