Myanmar’s automobile market was hit by a massive crash in 2012, with the country’s auto industry struggling to cope with the high demand.
The Chinese automotive industry has been struggling to catch up to the local industry, which has struggled to cope due to the global economic crisis, and the loss of a third of the countrys auto manufacturing capacity.
Now, the Chinese auto industry is returning to the Myanmar market, but with the help of a new Chinese company, 360 Auto Market.
360 Auto Market opened its doors in Myanmar in December of 2016, and has since expanded to include other major auto markets in China, Vietnam, and Malaysia.
As part of the deal, 360 has been awarded a 10-year contract to supply the Chinese market with auto parts, as well as supplying China with auto vehicles for domestic sales.
360 will be able to supply more than 20 million vehicles a year, and will also provide transportation services for the Chinese companies that are in Myanmar.
Since the announcement of the Chinese purchase, 360 is already able to deliver over 5 million vehicles annually.
It also supplies other Chinese car makers with Chinese parts, and is looking to export the Chinese Auto Industry.
“We will be providing services to China and exporting vehicles to the Chinese automakers, in a very short period of time,” says Yoon Soe, CEO of 360 Auto Marketplace.
After the announcement, the Myanmar auto industry has seen a surge in demand for cars, especially from the Chinese car companies, with demand outstripping supply.
The Chinese manufacturers are looking to increase their production capacity in Myanmar, and also to improve their efficiency in terms of manufacturing, which will help the Chinese manufacturers maintain their market share.
According to 360, the company expects that the demand for vehicles will increase in the near future, and that this will help Myanmar become a more attractive destination for the import of cars.