Cambodia is located on the Indochina Peninsula, with a land area of 181,000 square kilometers.

The population is 16.94 million, of which Khmer accounts for 80% of the total population, and the main language is Khmer.

There are three neighboring countries on land, namely Thailand in the west, Laos in the north, and Vietnam in the southeast, and the Gulf of Thailand in the southwest coast.

Buddhism is the state religion of Cambodia, and nearly 97% of Cambodia people believe in Buddhism.

Overview of Cambodia Economy

In 2023, Cambodia's GDP will be US$31.77 billion; per capita GDP will be US$2,429.7.

According to the latest report from the General Administration of Customs of Cambodia, Cambodia's total international trade in 2023 will reach US$46.8 billion. Among them, total exports were US$22.7 billion, a year-on-year increase of 1.8%; total imports were US$24.1 billion, a year-on-year decrease of 5%.

In terms of major trading partners, China is Cambodia's largest trading partner, with bilateral trade volume close to US$12.2 billion, a year-on-year increase of 5%.

Cambodia Electric Vehicle Market

The number of electric vehicles in Cambodia shows a gradual increase. Electric vehicles were registered in Cambodia for the first time in 2020. As of June 2024, the total number of registered electric vehicles was 1614. The main brands include BYD, Tesla, BMW, Toyota, Hongqi, Wuling and Jaguar.

According to data for the first quarter of 2024, the market rankings are Toyota, accounting for 33% of the market, and Mitsubishi and Ford have about 20%.

·Introduce a series of incentive policies and promulgate the "Development Policy for the Electric Vehicle Sector (2024 - 2030)" to establish and develop the electric vehicle ecosystem in stages, including attracting investment to establish electric vehicle assembly plants, parts manufacturing plants and electric vehicle charging station networks. It is planned to increase the number of electric vehicles to 30,000 by 2030, and the number of electric motorcycles and electric toot vehicles will increase to 720,000 and 20,000 respectively.

·Financial services policies encourage banks and other financial institutions to provide car loans to electric vehicle owners, reduce the financial pressure on consumers to purchase cars, and increase consumers 'enthusiasm to purchase electric vehicles.

·Improve infrastructure and actively encourage the construction of charging stations. Enterprises have also announced plans to build charging stations. For example, BYD has announced plans to build 200 electric vehicle charging stations across Cambodia to alleviate the difficulty of charging electric vehicle users and improve the convenience of using electric vehicles.

Risk warning for Cambodia's automobile overseas market

1. Backward infrastructure. Cambodia's infrastructure conditions such as water, electricity, transportation, and communications are relatively backward, with high related costs and insufficient industrial supporting industries.

2. Strict laws The Cambodia Labor Law promulgated in 1997 was formulated in full accordance with the labor standards of developed Western countries. In actual implementation, it emphasizes the protection of labor rights and interests and has strict restrictions on the employment of foreign workers.

3. Insufficient power. Cambodia's existing power grid can only handle about 4.6 gigawatts of electricity at a time, which is not enough to meet the expected demand of the growing number of electric vehicles.

Source: Yangtze River Delta new energy vehicle industry offshore base

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