BYD (Build Your Dreams) and Uzavtosanoat JSC (UzAuto) announced today the signing of an agreement to establish a joint venture company producing new energy vehicles (NEVs). The new joint venture company, which will manufacture the 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 now the world's leading NEV manufacturer. It has more than 27 years of experience in battery research and development and is renowned globally for pioneering innovations including ownership of the complete electric vehicle supply chain. BYD is the only NEV producer to have developed its own powertrain systems, power batteries, automotive semiconductors, motors and motor controller systems. 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 over 3 million NEVs to global customers.
Established in 1994, UzAuto is the region's largest passenger and commercial vehicle manufacturer with full-cycle production and component manufacturing. 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 neighbouring countries and has launched overseas production in Azerbaijan.
On the establishment of the new joint venture company, Michael Shu, General Manager and Managing Director of BYD Europe and International Cooperation Division, said, "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."
Chairman of the Board, UzAuto, Mr Urmzakov Shavkat, commented, "BYD is the world's leading new energy vehicle manufacturer. Synergy of BYD technology with UzAuto manufacturing capabilities will promote the widespread use of new energy vehicles in Uzbekistan as well as in neighbouring countries. Establishing the joint venture and bringing the latest technology is just the beginning of the long-term strategic partnership of our companies. UzAuto is very pleased to be collaborating with BYD and we believe there are vast opportunities to further expand our cooperation in the future."
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.