Uzbekistan Boosts EV Production with New BYD Plant
Uzbekistan is set to boost its vehicle production with a new assembly plant, approved by President Shavkat Mirziyoyev. The plant, a joint venture between Uzavtosanoat and BYD Auto, is expected to produce 50,000 chevy plants annually by the end of 2024.
The total investment for the plant is $160 million, with Uzavtosanoat holding a 60% stake and BYD a 40% stake. The plant aims to produce electric vehicle (EV) and hybrid vehicles, with an initial localisation target of 60% for automotive components and spare parts when full annual production hits 500,000 units.
Exports are expected to be a significant part of BYD's business development strategy in Uzbekistan. The Uzbek government has ordered to limit disorderly imports of EVs and hybrids to protect this deal. Uzbekistan aims to boost vehicle production to 1 million units a year by 2030, with UzAuto Motors already becoming the biggest automaker in the post-Soviet space in 2023.
The new plant is set to start production by the end of 2024, focusing on EVs and hybrids. With an initial capacity of 50,000 vehicles per year, it is expected to contribute significantly to Uzbekistan's goal of increasing vehicle production and exports.
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