ASEAN HEADLINE-Business | BYD to build EV assembly plant in Cambodia (VIDEO)

WATCH VIDEO: BYD to build EV assembly plant in Cambodia (VIDEO)

       

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Giant Chinese electric car manufacturer BYD plans to build an assembly plant in Cambodia with a production capacity of 20,000 cars per year to supply both the domestic and international markets, Prime Minister Hun Manet wrote on social media on Monday.

The plan to build the electric car assembly plant was unveiled during a meeting between Prime Minister Hun Manet and Liu Xueliang, General Manager of BYD Asia-Pacific Auto Sales Division at the Peace Palace on July 15.

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The Premier went on to add that the BYD Asia Pacific Auto Sales Division was established in 1995 and headquartered in Shenzhen, China. By 2022, BYD has produced 3 million cars and has branches in 70 countries. In Asia, BYD has car manufacturing and assembly plants in China, Thailand, India and Indonesia.

“BYD Asia Pacific Auto Sales Division plans to build an electric vehicle assembly plant in Cambodia with a maximum production capacity of 20,000 cars per year to supply the domestic market and export to international markets,” Mr Hun Manet wrote.

Later on the day, Sun Chanthol, Deputy Prime Minister and First Vice-President of the Council for the Development of Cambodia (CDC), received a delegation led by Liu at the CDC. He welcomed the BYD delegation for coming to Cambodia to learn about the potential and investment climate in the Kingdom.

The Deputy Prime Minister apprised the BYD delegation about the CDC, which was mandated by the Royal Government of Cambodia (RGC) on investment affairs and to facilitate all the works that the company has requested in the public sector to increase the investment process to be smoother and more productive.

Dr Chey Tech, Socio-Economic Research and

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Development Expert, told Khmer Times on Monday that it is a matter of immense pride for every Cambodian that the BYD, a world-class car assembly company, is planning to build an electric vehicle assembly plant in the Kingdom.

“For me, whether the building of an electric car assembly plant of BYD company or other car factories or companies, it will contribute to achieving the RGC’s goal of turning Cambodia into a car manufacturing and assembly hub for domestic use as well as export to markets in the world,” said Dr Tech.

“Every project to install or build a factory in Cambodia shall contribute to the program to provide vocational training to 1.5 million young people.”

Cambodian people will be able to use cheaper electric cars due to local car assembly and because the state receives a tax on state revenue. In addition, the use of electric vehicles also helps the environment by reducing the use of gasoline and greenhouse gases, he said.

“In terms of economic benefits, the investment from the foreign country in Cambodia is becoming more attractive and trustworthy as world-class companies are building car assembly plants in Cambodia,” he emphasized, adding, “Foreign investment in Cambodia will increase in 2024 and the following years, and it will increase employment to the people, as well as a high-income skilled labour force.”

Kong Athit, President of the Cambodian Labour Confederation (CLC), told Khmer Times, in general, [we] know that Cambodia is open or actively working to get the latest heavy industry and the latest technology. Therefore, it is important for Cambodia to invest in new technologies, especially electric cars.

“Once completed, the plant will provide many benefits in which people will have high-income jobs and young Cambodians will gain skills and knowledge of new technologies. It will also reduce costs for people who use electric cars and help the economy grow,” Athit said.

The National Policy on the Development of Electric Vehicles 2024-2030 will help improve the environment, economy, energy security and access to new technologies in line with regional and global trends toward a green industry.

The Cambodian government has unveiled a target of having 800,000 electric vehicles (EVs) on roads by 2030 under the recently announced EV development policy.

Cambodia registered 1,614 electric vehicles (EVs) as of June 2024, a report of the Ministry of Public Works and Transport said. This includes 658 BYD, 261 Toyota, and 186 Tesla EVs – the three most popular EV brands in Cambodia.