Phnom Penh: BYD, a high-tech company from China, is anticipated to invest in a car assembly plant in Cambodia, announced Prime Minister Samdech Moha Borvor Thipadei Hun Manet during a speech this morning.

According to Agence Kampuchea Presse, the Prime Minister, while addressing the graduation ceremony of over 8,000 students at the Royal University of Phnom Penh, indicated that BYD is preparing to enter the Cambodian market. He highlighted that Deputy Prime Minister H.E. Sun Chanthol, who is also the First Vice President of the Council for the Development of Cambodia, has been in negotiations with BYD, and the expectation is that the company will establish operations in Cambodia next year.

The Prime Minister emphasized that, alongside BYD’s anticipated entry, Cambodia is making concerted efforts to attract more foreign investors to the Kingdom. Founded in November 1994, BYD is a high-tech enterprise focused on leveraging technological innovations across sectors such as electronics, automotive, renewable ene
rgy, and rail transit. With over three decades of rapid growth, BYD has become a significant player in these industries.

In Cambodia, BYD has already marked its presence as one of the leading electric vehicle brands. The company has taken an early lead in the Kingdom, having sold approximately 658 cars in the first half of this year, which accounts for over 40 percent of the total 1,614 electric cars sold.

According to the Ministry of Public Works and Transport, the first half of 2024 saw the registration of 2,968 electric vehicles in Cambodia, which includes 914 motorcycles, 440 tricycles, and 1,614 cars, indicating a growing trend in EV adoption in the country.