Uzbekistan 2024. Cars Market Skyrockets Fueled By Import And Electric Segment

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Chery Tiggo 8 Pro
Chery Tiggo 8 Pro

Uzbekistan Cars Market is roaring. Following the all-time record sales established in 2023, the start of 2024 was again outstanding, with sales in the first quarter reaching 89.938 (+26.8%).

The Republic of Uzbekistan – a country formerly within the Soviet Union – is in a gradual transition to the market economy, with foreign trade policy being based on import substitution.  The country is a major producer and exporter of cotton. With the gigantic power-generation facilities from the Soviet era and an ample supply of natural gas, Uzbekistan has become the largest electricity producer in Central Asia.

Over 35 million people are living in the country with a population growth rate of 3.4%, among the fastest in Asia. In 2024, GDP growth is expected to remain close to 4.5% and accelerate gradually in the medium term. Consumption growth in 2024 is expected to fall as the remittances from Russia continue to decrease.

The automotive industry has been blocked for years, under the control of the State-owned local company manufacturing models under Chevrolet licence and brand. However, as the government decided to open boundaries to import and provide incentives for OEMs investing to produce cars in the country, the industry is rapidly evolving.

After the opening of Chery plant (end of 2022) a new Chinese OEM – BYD– posed the first stone for the local plant, aiming to produce over 500.000 cars per year, all electric.

Thanks to incentives, the electric segment is fast growing, and in the first quarter 2024 reached the 10% of the total market.

Following the all-time record sales established in 2023, the start of 2024 was again outstanding, with sales in the first quarter reaching 89.938 (+26.8%).

Import and electric models are growing, but what is very interesting is that Chevrolet is gaining sales volume, while losing market share. Really a win-win solution for the market, adopted only recently by the government.

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