Uzautosanoat, the Chinese Sinotruk International Investment Limited and the German MAN Truck & Bus SE signed a joint venture agreement for UZ Truck and Bus Motors to be based at JV MAN Auto-Uzbekistan plant, Uzavtosanoat said in a statement.
Thus, Sinotruk became one of the shareholders of the JV MAN Auto-Uzbekistan JV, having made US$ 12.1 million in foreign direct investment in the authorized capital of the plant.
“The choice of Sinotruk was not a hard one to take, due to the company’s popularity in Uzbekistan and the Central Asia, affordability, quality and the range of products,” the statement noted.
Investments will be aimed at increasing production capacity from 3,000 to 6,000 units of commercial vehicles per year, mastering the production of new models and the localization of components. The project will create more than 100 jobs, help boost exports, as well as gradually increase the localization degree to 50%.