BYD signs an agreement with Uzbekistan to produce electric and hybrid cars as a joint venture

CTOnews.com September 27 news, Uzbekistan Ministry of Investment, Industry and Trade website issued a statement announcing September 26 with BYD signed "Production of electric and hybrid vehicles and their parts investment agreement in Uzbekistan."

BYD will set up a joint venture "BYD Uzbekistan Factory" with Uzbekistan's state-controlled automobile group Uzavtosanoat JSC to produce electric and hybrid vehicles, according to the agreement.

CTOnews.com found from the official announcement that the planned output of the first and second phases of the investment project is 50,000 vehicles, and the output will reach 300,000 vehicles after the completion of the third phase.

BYD's Uzbekistan plant will be the first joint venture outside China by a world leader in electric vehicles, thanks to the industrial and technological achievements of Uzbekistan's automobile industry and the investment attractiveness of Uzbekistan, officials said at the signing ceremony.