The Ministry of Investment, Industry and Trade and the Chinese conglomerate BYD signed an investment agreement on Tuesday to launch the of electric and hybrid vehicles unit in Uzbekistan, the press service of the ministry said.
According to the document, Uzavtosanoat and BYD Auto will set up a joint venture, BYD Uzbekistan Factory, for electric and hybrid cars.
The planned production volume at the first phase of the project will be 50 thousand units, and with the completion of the phase II the output will reach 300 thousand cars annually.
As reported at the signing ceremony, BYD Uzbekistan Factory will become BYD’s first factory outside of China.
On the same day, the BYD delegation led by its CEO and founder Wang Chuanfu was received by the president Shavkat Mirziyoyev, the president’s press service reported.
At the meeting, the parties discussed the launch of a production unit for hybrid and electric cars in the Jizzakh province with reach of full capacity to 300 thousand cars.
They also focused on projects for localizing components and spare parts to reduce production costs, as well as organizing the export of cars to third-countries.
Let us remind you that Uzavtosanoat and BYD Auto agreed to organize the production of full-cycle cars in Uzbekistan back in August 2022, then a corresponding agreement was signed. Previously, the parties conducted a study of the automobile market. Since the beginning of 2023, the BYD brand has been officially represented in Uzbekistan.