Demand for EVs on the rise amid decline in sales of non-electric cars
The sale of EVs is on the rise, despite the continued decline in sales of non-electric cars, said U Kyaw Swa Tun Myint, the general secretary of the Myanmar Automobile Manufacturer and Distributor Association (MAMDA).
“The current car market is more stagnant than it was two months ago. Sales of particular cars that deserve a decline have already decreased. I have to say that the overall car market is down. However, the EV market is on the rise. If five people bought EVs last year, seven might buy them this year. Demand is also increasing. The EV market is thriving more this year than last year,” U Kyaw Swa Tun Myint said.
Although there are reports in the car market suggesting that sales may continue to decline until the end of the Buddhist Lent or mid-October, internal combustion engine (ICE) cars prices ranging between K30 million and K100 million are currently being traded.
The 16th Myanmar’s Biggest Property and Car Expo was held at the Lotte Hotel in Mayangon Township, Yangon Region, on 5-6 October. The event aimed to improve the market and featured booths from banks offering services to clients interested in purchasing apartments, condominiums, plots of land, and cars on instalments. — ASH/TH
