Private car sales, including EVs, stable; May forecasted improvement

The sale of private cars, including EVs, has been regular, and it is expected to become active in May, said Myanmar Automobile Manufacturer and Distributor Association’s general secretary U Kyaw Swa Tun Myint.
Currently, commercial-use cars priced around K50 million, private cars priced between K50 million and K100 million and private cars priced between K100 million and K200 million are being sold regularly, he said.
“The sale has been regular. Those who need cars buy. Dealers also buy if they need. There are private car customers, and some buy cars for their business. It is not that the sale has completely stopped, but it runs regularly. No surge has been seen, though the sale has been normal. The sale of cars priced between K400 million and K500 million has been slow, but K100 million-K200 million cars have been sold regularly. EV is a part of the automobile industry, so there are buyers and sellers for EVs,” he said.
If no policy change happens in March and April after the Thingyan period, it is not likely to have an impact on the car market.
As of December 2023, automobile sales have been slowing. Around May after Thingyan, the car market is always lively every year, so there is also a possibility this year, he said.
“Every May, before monsoon season, the car market is always lively. Some buy for their business, such as school ferry services. In previous years, the sale used to be active again in around May. There is a 60 or 70 per cent possibility this year too. In Myanmar, there is a community that wants to enjoy luxury cars, and there is another community that wants to make profits from buying and reselling cars. Vehicles can easily be liquidated. So, people consider buying and reselling cars as a business-like making investment in property and gold,” said U Kyaw Swa Tun Myint. — MT/ZS/ED