Official Data

Market increment

According to the latest data released by the Ministry of Transport and Communications in Myanmar, the electric vehicle market in Myanmar has been continuously expanding since the import tariffs on electric vehicles were abolished in January 2023. In 2023, the country imported a total of 2,000 electric vehicles, with 90% being Chinese brands. From January 2023 to January 2024, approximately 1,900 electric vehicles were registered in Myanmar, representing a year-on-year growth rate of 6.5 times.

Government Objectives

In recent years, the Myanmar government has actively promoted electric vehicles by providing tariff preferences, improving infrastructure construction, and strengthening brand promotion.

In November 2022, the Ministry of Commerce of Myanmar issued a pilot program called “Encouraging Regulations on Importing Electric Vehicles and Car Sales,” which stipulates that from January 1st to the end of 2023, all electric cars, electric motorcycles, and electric tricycles will enjoy full exemption from import tariffs.

The Myanmar government has also set targets for the proportion of registered electric vehicles: aiming for a 14% share by 2025, reaching 32% by 2030, and achieving 67% by 2040.

Market Status

EV charging

According to the data, by the end of 2023, the Myanmar government has approved approximately 40 construction projects for charging stations and nearly 200 projects for charging piles. Over 150 charging piles have already been completed, mainly located in major cities such as Naypyidaw, Yangon, Mandalay, as well as along the Yangon-Mandalay Expressway.

EV Showroom

According to the latest requirement of the Myanmar government, starting from February 1, 2024, all imported electric vehicle brands are required to establish showrooms within Myanmar in order to enhance brand influence and encourage people to purchase electric vehicles. Currently, Chinese automobile brands such as BYD, GAC Motor, Changan Automobile, Wuling Motors have already set up brand showrooms in Myanmar.

China-Myanmar Cooperation

Car company

From January 2023 to January 2024, BYD sold approximately 500 electric vehicles in Myanmar, achieving a brand penetration rate of 22%. Austin, the CEO of GSE Company, the authorized dealer of Nezha Motors in Myanmar, stated that there are over 700 orders for Nezha new energy vehicles in Myanmar for the year 2023, with more than 200 vehicles already delivered.

Banking industry

Chinese financial institutions in Myanmar are actively supporting Chinese brand electric vehicles to enter the local market. The Industrial and Commercial Bank of China’s Yangon branch provides convenience for the sale of Chinese brand electric vehicles in Myanmar, including settlement, clearing, and foreign exchange transactions. Currently, it handles an annual business volume of approximately 50 million yuan and continues to steadily expand.

Embassy

The Economic and Commercial Counselor of the Chinese Embassy in Myanmar, Ouyang Daobing, told reporters that currently Myanmar has a low per capita car ownership rate. With policy support, the electric vehicle market has the potential for leapfrog development. While Chinese electric vehicle companies are actively entering the Myanmar market, they should adapt their research and development strategies according to local consumer demands and actual conditions to maintain a good image of Chinese electric vehicle brands.