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News: Cambodian automobile market trend: demand for new cars surges, electric cars become popular

APR 03, 2024

His Excellency Pov Maly, Secretary of State at Cambodia's Ministry of Public Works and Transportation, announced at a major event that domestic demand for cars has risen significantly, with a surge of interest in new and fossil-fueled vehicles in particular, while electric vehicles (EVs) have also gained popularity as alternative sources of clean energy.

The event was an inauguration and test drive ceremony organized by GTV MOTOR Company. H.E. Pov Maly met with the Minister of Public Works and Transport H.E. Peng Porna. The State Secretary of the Ministry of Labor and Vocational Training, H.E. Lao Him. And the State Secretary of the Ministry of Industry, Science, Technology and Innovation. A number of senior officials, including Secretary H.E. Dr. Heng Sok Kong, co-chaired the event. The event also attracted the participation of GTV Motor CEO Mr. Khun Chantha and many industry figures.

H.E. Pov Maly revealed that Cambodia has already had several companies operating automobile assembly plants, including internationally renowned brands such as FORD (RMA), HYUNDAI, TOYOTA, and more companies are planning to set up factories in the country. GTV MOTOR not only promotes employment and offers more affordable cars by launching models named in Khmer, but also marks a new step in the development of the country's automobile industry. These efforts have transformed Cambodia from a major importer into a country with its own automobile production capacity and into an automobile industry country in the ASEAN region.

H.E. Pov Maly also emphasized that this progress is not only in line with the government's earlier plan for the development of Cambodia's automotive and electronics sectors, but also promotes the development of Cambodia's heavy industry while meeting the needs of the domestic market. He added that the government is working to transform Cambodia's industry from labor-intensive to technology-intensive in order to support long-term economic growth, positioning the automotive sector as one of the country's key priority sectors for development. This sector has grown at an average rate of 11.3 per over the past five years, demonstrating that the Cambodian automotive industry is expected to continue to realize rapid growth through close cooperation between the Government and the private sector.

Mr. Khun Chantha, CEO of GTV Motor, said that GTV, as the first automobile brand in Cambodia, not only represents a historic achievement of the domestic automobile industry, but also demonstrates the strength of Cambodian national products and the progress of the national economy. This initiative not only provides Cambodians with a new choice of automobile, but also pushes the Cambodian brand into the international market, contributing to the innovation of the national economy and the automobile industry.

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