CNI News
14 February 2024
As many companies are authorized to import EV cars, many types of EV cars could enter the country and the competition could be fierce, vehicle manufacturers and distributors told CNI News.
30 companies were allowed to carry out electric vehicles and related activities in 2023 and as an additional 51 companies have been allowed in 2024, there have been 81 companies now.
As there are 81 companies that have been allowed to import EVs, many kinds of EVs could enter Myanmar, causing the competition to be fierce, according to motor vehicle manufacturing and distribution entrepreneurs.
While seeing EV cars
In the future, more and more people will use EVs and the car market will be stable, U Min Min Naung, chairman of the Yangon Region Motor vehicle Manufacturing and Distribution Entrepreneurs Association, told CNI News.
" Those who have bought EVs at the designated price have nothing to lose because the tax is free. But, those who have bought EVs at a profit paid can make a loss. As many kinds of EVs can enter the country, the competition will be fierce. If the real price of an EV like Toyota is 1,100 or 1,150 thousands kyats, buyers have pay 1,700 or 1,800 thousands kyats. But a lot of EVs enter, the prices will be stable. The prices will be stable next year." he said.
At present, 81 companies have been allowed to carry out EVs and related activities and import licenses will be issued to the companies that consistent with designation, according to the statement released by the National EV and Related Activities Development Committee.
Although it is not known that how many EVs have 30 companies been allowed to import in 2023, new 51 companies have been allowed to import 500 EVs each. If EVs were imported like that, 25,000 EVs would be allowed to import kind of.
While seeing a charging station
At present, chargeable places are sufficient for the number of EVs that has entered Myanmar. But it is necessary to think about the number of additional cars that will enter. Moreover, the Foreign Exchange Management Committee needed to perform to get foreign currency in order to import EVs, U Thet Zaw, an economic commentator, told CNI News.
" When there are an increase in the number of EVs that enter Myanmar, there won't be enough EV charging stations. We should think it over. The committee hasn't designated that a company must import 500 EVs. But as the sale contract is issued only if 500 EVs are imported, the company will have to import 500 EVs. It might not sell all the 500 EVs. For the time being, ICE cars still can be used because their licenses are valid. Frankly speaking, there might be gap between the demand and the supply. And if the management committee don't sell foreign currency, how can we import EVs? So, several criteria can appear." he said.
BYD, Toyota, Honda, MG4, Nissan and so on have entered Myanmar and more than 1,000 EVs entered the country in 2023. The prices are from 600 to over 2,000 lakh kyats depending on type and model reportedly.
