The three authorized distributors of Chinese electric car brand BYD in Myanmar are gearing up to assemble its EVs in-country.
The three are Prime Auto, EV Power, and Essential Motors, and junta chief Min Aung Hlaing’s son Aung Pyae Sone reportedly has a financial interest in two of them.
They plan to manufacture the cars under the so-called semi-knocked down system, whereby partially assembled vehicles are shipped out to be finished in-country.
Pro-junta media on Feb 25 reported that Prime Auto wants to assemble BYD EVs jointly with Myanma Economic Holdings Ltd (MEHL), which is subject to international sanctions.
They said MEHL will initially hold a 51 percent stake in the joint venture.
But a Prime Auto executive denied the reports and said the company was only leasing the land for the venture from MEHL for 30 years.
“At this moment, we just rent an area of land owned by MEHL and are planning to build the factory on that land under a lease contract,” the executive told The Irrawaddy. “We’re not planning to work in partnership with MEHL.”
He added that the licensing process is ongoing and the other two distributors are after the same licenses.
“I don’t know whether BYD head office will grant the license only to one company or to all distributors,” the executive added.
A director of Myanmar Automobile Development, a joint venture of 120 firms in the automobile industry, said BYD’s authorized distributors have been seeking permission since early last year. “It seems they finalized the process just weeks ago, which is why the news was leaked to the public,” he said.
The Prime Auto executive also denied that Aung Pyae Sone is a director of the company or invested in it, adding he does not know whether the junta chief’s son has an interest in the other two.
EV Power and Essential Motor did not respond to requests for comment from The Irrawaddy.
Meanwhile, Aung Pyae Sone’s sister Khin Thiri Thet Mon is already assembling Leapmotor-brand EVs from China in Myanmar through her share in NPK Motor.
Industry insiders say she is a key investor in NPK, which is chaired by her close business partner Naing Phyo Kyaw (also known as Eric Yang). NPK Motor primarily imports MGs and operates charging stations in Naypyitaw and other cities.
The company reported importing 542 EVs by May 2024.
Naing Phyo Kyaw and Khin Thiri Thet Mon are also the cofounders of 7th Sense Creation, a major film production and media company.
On Nov. 25, 2024, Naing Phyo Kyaw—the husband of Myanmar’s highest-paid and most successful actress, Wutt Hmone Shwe Yi—signed a cooperation agreement with Leapmotor to assemble vehicles under the SKD model.
The timing of the agreement coincided with Min Aung Hlaing’s visit to China, during which he also toured BYD headquarters in Shenzhen.
Industry insiders in Myanmar whispered that the visit was intended to further his family’s business interests.
The first locally assembled EV was the Leapmotor T03 launched in Myanmar on Feb. 7 this year, within just two months of securing the cooperation agreement. Wutt Hmone Shwe Yi duly graced the launch with her starry presence.
Car traders say the regime and its cronies are profiting from EV imports even as they fail signally to develop the necessary infrastructure and provide adequate electricity to support their use in Myanmar.
At the same time the junta has issued no new import licenses for fuel-powered vehicles since the coup, citing a lack of foreign exchange.
Myanmar’s EV market has slowed down considerably due to chronic power outages and lack of charging stations.
