Expanding EV options, yet to ignite comparable public interest

Although electric vehicles (EVs) lure the interest of car buyers, the transactions are slack for reaching high prices, according to automobile brokers.
“The prices of EVs that entered the market last two or three months are not that high. At that time, we heard that the EV prices will be lower than the gasoline-powered cars or the prices will be the same. Some thought it will be priced around a million. But in reality, it is about K70 million,” U Min Nyunt, an auto broker told The Global New Light of Myanmar (GNLM).
The EV prices were between K70-K80 million in March and they reached over K100 million at the end of June. Currently, it is between K150-170 million in the market. EVs displayed at the 2023 Monosoon Market Fair, Industrial Product Exhibition and Electric Vehicle Exhibition, organized by the Yangon Region government, were on sale at prices from K70 million to over K100 million.
The battery three-wheelers that arrived at Asia World jetty in Ahlon Township on 2 August were priced at between K7 million and 10 million at the event, according to the in-charge of the event.
“It can be said that people mainly make sales depending on the prices of dollars. The market hosts various brands and the sales are made depending on the length of battery, kilos and capacity and the prices are between K70-K180 million. The public interest is high due to the interior design, dashboard style and door handles. Some expect an instalment system,” a visitor to the event U Hla Aung from Kyimyindine Township told the GNLM.
Imported electric vehicles boast unique designs and body structures like the ICE cars. So, some well-to-do people make orders for luxury purposes.
In the EV market, the public interest is high for BYD Dolphin, MG, Neta and U Pro brands. The committee on the development of importation, installation and investment of electric vehicles and associated businesses notified the EV Show Room not to make more than 20 per cent profit on CIF price.
“I’ve travelled Yangon-Nay Pyi Taw in EV consuming 80 units and it costs K16,000 for charging fee. It will cost about K70,000 for such a trip if we go by fuel-powered cars,” said Ko Myo who travelled in EV.
The battery capacity is key to EVs. Although it can offer full capacity initially, there would be difficulties with maintenance charges, scarcity of spare parts and workshops. Therefore, the country is more suitable for internal combustion engine (ICE) vehicles, brokers cited.
With the approval of the Steering Committee on National-level Development of Electric Vehicles and Related Industries, four pairs of EV chargers 200 kW imported by Earth Renewable Energy Co Ltd arrived at Yangon Port yesterday. The vehicles were allowed to be claimed according to the procedures, and the import of these electric vehicles is exempted from customs duties. — TWA/KTZH