BYD and Uzavtosanoat JSC (UzAuto) signed an agreement to establish a joint venture company producing new energy vehicles (NEVs). The new joint venture company, which will manufacture best-selling NEVs including the DM-i super hybrid models and related parts, is anticipated to be based in Uzbekistan.
Founded in 1995, BYD is a leading NEV (plug-in hybrids and battery-electric vehicles] manufacturer. It has more than 27 years of experience in battery research and development. Strong cooperations with other international enterprises on the development of vehicle electrification is part of the core business strategy. As of November 2022, BYD has sold more than 3 million NEVs to global customers.
Established in 1994, UzAuto is the largest automotive holding company in Central Asia with more than 70 subsidiaries in its structure and more than 27,000 employees. UzAuto companies produce a range of vehicles from light passenger vehicles to heavy-duty trucks, buses, trailers and superstructures with an annual production volume of more than 350,000 vehicles per year.
Central Asia map by Cacahuate - Own work based on the blank world map, CC BY-SA 4.0
UzAuto is expanding its production capacity by 500,004 by end of 2023 and 1 million vehicles by 2027. The company cooperates with global OEMs such as General Motors, Sinotruck, MAN, and Isuzu. In addition to the 95% share in the domestic market, in 2020, UzAuto achieved the number one sales volume for two consecutive years with overseas production in Kazakhstan. UzAuto continues expanding export opportunities to neighboring countries and has launched overseas production in Azerbaijan.
We are delighted to be working with UzAuto on this important milestone to expand the production of new energy vehicles in the Uzbekistan region. Collaboration is a core part of the BYD strategy, and it is important to work with other corporations who share the same vision. We look forward to delivering our class-leading products and technologies to new consumers through this joint venture.—Michael Shu, General Manager and Managing Director of BYD Europe and International Cooperation Division
With the newly established joint venture, UzAuto and BYD aim to work together to further develop the new energy vehicle market in Central Asia and beyond by promoting their widespread adoption and environmental benefits.