Cambodia’s Prime Minister Hun Manet announced that Chinese electric vehicle manufacturer BYD plans to establish a factory in the country.
On July 15, Prime Minister Hun Manet revealed that BYD will be constructing an assembly plant with an annual capacity of 20,000 vehicles in Cambodia. This announcement came after a meeting between Hun Manet and Liu Xueliang, BYD’s General Manager for the Asia-Pacific region.
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According to the Khmer Times, Dr. Chey Tech, a socio-economic research and development expert, expressed that Cambodians are proud to have BYD, a major electric vehicle manufacturer, planning to build an electric vehicle assembly plant in their country. He added that this development would make electric vehicles more affordable for Cambodians in the future due to local assembly.
BYD entered the Cambodian market in 2020 and opened two showrooms in Phnom Penh in 2024. Apart from BYD, around ten brands sell new energy vehicles in Cambodia, including BMW, Tesla, Toyota, and several other Chinese automotive brands.
Despite the presence of numerous competitors, the electric vehicle market in Cambodia remains modest. Electric vehicle sales in the country amounted to a mere 5 units in 2020. By the end of 2021, sales increased to 63 vehicles, and by the end of 2022, they further rose to 663 units. However, in 2023, electric vehicle sales in Cambodia decreased to 604 units.
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Additionally, there are only 18 public charging stations in the country. Nevertheless, the Cambodian government has recently introduced policies to promote electric vehicles for the period 2024-2028, aiming for a target of 30,000 electric vehicles by 2023, including approximately 25,000 cars.
In May 2023, BYD planned to build an electric vehicle assembly plant in Vietnam with a total investment of around $250 million. During a meeting with Deputy Prime Minister Tran Hong Ha, BYD’s Chairman, Wang Chuanfu, expressed his hope for Vietnam to facilitate the completion of investment procedures and the commencement of production.
However, by the end of March 2024, BYD unexpectedly announced the postponement of its plan to build a factory in Vietnam due to strategic changes and the overall downturn in the global electric vehicle market. It was speculated that BYD’s decision was made to allocate resources to build a factory in Indonesia. Nonetheless, according to Hun Manet’s recent statement, it appears that Cambodia is the chosen location for BYD’s new plant.
Thai Son (Tuoitrethudo)
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