According to the latest data released by the Ministry of Transport and Communications of Myanmar, since the abolition of import tariffs on electric vehicles in January 2023, Myanmar's electric vehicle market has continued to expand, and the country's electric vehicle imports in 2023 are 2000, of which 90% are Chinese brand electric vehicles; From January 2023 to January 2024, about 1,900 electric vehicles were registered in Myanmar, an increase of 6.5 times year-on-year.
In recent years, the Myanmar government has actively promoted electric vehicles by providing tariff concessions, improving infrastructure construction, strengthening brand promotion and other policy measures. In November 2022, the Ministry of Commerce of Myanmar issued the "Relevant Regulations to Encourage the import of electric Vehicles and the Sale of Automobiles" pilot program, which stipulates that from January 1, 2023 to the end of 2023, all electric vehicles, electric motorcycles, and electric tricycles will be given full duty-free concessions. The Myanmar government has also set targets for the share of electric vehicle registrations, aiming to reach 14% by 2025, 32% by 2030 and 67% by 2040.
Data show that by the end of 2023, the Myanmar government has approved about 40 charging stations, nearly 200 charging pile construction projects, has actually completed more than 150 charging pile construction, mainly located in Naypyidaw, Yangon, Mandalay and other major cities and along the Yangon-Mandalay highway. According to the latest requirements of the Myanmar government, from February 1, 2024, all imported electric vehicle brands are required to open showrooms in Myanmar to enhance the brand effect and encourage people to buy electric vehicles. At present, including BYD, GAC, Changan, Wuling and other Chinese auto brands have set up brand showrooms in Myanmar.
It is understood that from January 2023 to January 2024, BYD sold about 500 electric vehicles in Myanmar, with a brand penetration rate of 22%. Nezha Automobile Myanmar agent GSE company CEO Austin said that in 2023 Nezha Automobile new energy vehicles in Myanmar orders more than 700, has delivered more than 200.
Chinese financial institutions in Myanmar are also actively helping Chinese-branded electric vehicles enter the local market. The Yangon Branch of the Industrial and Commercial Bank of China facilitates the sale of Chinese-branded electric vehicles in Myanmar in terms of settlement, clearing, foreign exchange trading, etc. At present, the annual business scale is about 50 million yuan, and continues to expand steadily.
Ouyang Daobing, economic and commercial counselor of the Chinese Embassy in Myanmar, told reporters that the current per capita car ownership rate in Myanmar is low, and with policy support, the electric vehicle market has the potential for leap-forward development. While actively entering the Myanmar market, Chinese electric vehicle companies should do targeted research and development according to local consumer needs and actual conditions, and maintain the good image of China's electric vehicle brand.
Post time: Mar-12-2024