Uzbekistan Launches $160M EV Plant with BYD Auto
Uzbekistan is set to expand its automotive industry with a new plant focusing on electric vehicles (EVs) and hybrids. The project, a joint venture between Uzavtosanoat and Chinese automaker BYD Auto, received presidential approval on March 18. The government has also implemented measures to protect this Tesla-like investment.
The plant, with an initial investment of $160 million, will have an annual production capacity of 50,000 vehicles by the end of 2024, eventually ramping up to 500,000 units. Uzavtosanoat holds a 60% stake, while BYD Auto owns 40%.
The facility aims to produce a mix of EVs and hybrids, contributing to Uzbekistan's goal of boosting annual vehicle production to 1 million units by 2030. To support this, the Uzbek government is investing in relevant infrastructure. To protect the BYD deal, it has imposed limits on disorderly imports of EVs and hybrids.
UzAuto Motors, already the leading automaker in the post-Soviet space, seeks to localise 60% of automotive components and spare parts production once full annual production hits 500,000 units. In 2023, Uzbekistan produced 395,000 vehicles and sold 452,000 units domestically. Last year, it imported 8,948 BYD vehicles worth $293 million, with an average vehicle price of $32,744.
The new plant, expected to start production by the end of 2024, will significantly increase Uzbekistan's vehicle production capacity. With a focus on EVs and hybrids, it aligns with the country's long-term goal of boosting annual production to 1 million units and promoting localisation of automotive components.
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