Uzbek Vehicles Market, despite being penalized by microchips shortage, recovers in last months of 2022. Total sales at 176,521 are down 12.8% from the previous year. December reported the 3rd consecutive growth with 17,515 new registrations (+35.3%).
Market Trend and Outlook
In 2022 the Uzbek vehicle market totaled 176,521 sales, an 12.8% loss from the previous year. Despite the overall negative performance in December registrations grew in double-digits for the 3rd consecutive month, reporting 17,515 new units sold (+35.3%).
The market is still widely dominated by the former GM company- now nationalized – although there is a process in place to open the market to foreign manufacturers.
In May 2022 import duties have been dramatically reduced to accelerate the process, but so far the results are very limited.
The local company is producing under Chevrolet and Daewoo brand and is heavily suffering for lackness of components and microchips, with production halt several time this year and with a long cue of produced vehicles parked outside of the plant waiting for chips arrival.
The same issue is limiting the production of the new Lada plant, opened in the fall 2021 and aiming to produce over 5.000 vehicles per year, but actually producing at 30% of capacity, with short supply for several component.
In addition to the production shortage the companies are increasing prices in double-digit and this explains the terrible performance in the first 3 quarters of the year.