Prices of automobiles assembled in Myanmar have rocketed, according to local market sources.

The price of a Suzuki Ertiga has jumped to over 60 million kyats from just over 30 million in the past.

Meanwhile, the price of a Hyundai Accent has gone up to over 50 million from 30 million.

“SKD car prices have been increasing. Prices of Suzuki cars with high demand have increased much more,” said a local auto market expert.

Auto brands from Japan, Korea and China have already possessed their shares in Myanmar’s SKD car market.

Currently, the auto assembling plants in the country are facing challenges due to US dollar exchange restrictions and import difficulties.

“We didn’t announce a factory closure. But we are facing severe shortages of materials in the production sector. We won’t be able to manufacture any more without materials,” said U Myo Min Tun, managing officer of SUZUKI (MYANMAR) MOTOR CO., Ltd, told The Daily Eleven.

With such difficulties, local auto sales centres are reportedly struggling for their survival. 

Ko Kyi Thar Han from Suzuki KL Seven said on his Facebook page: “Please contact my showroom in Ywama for sale of any used Suzuki Ciaz, Swift, Ertiga or Carry Truck. For those who bought the cars with bank loans but not have settled them fully, you can sell theirs. We will pay off the loans and the owners will receive the amount they deserve.”