The State Property Management Agency of Uzbekistan is preparing open tenders for the privatization of state shares in UzAuto Motors and UzAuto Motors Powertrain.
This was announced on September 17 by Alisher Miraliev, deputy director of the agency, during the International Cbonds Conference. According to Miraliev, the sale of these companies will be carried out through open auctions, although the exact dates of the tenders have not been disclosed.
UzAuto Motors is the largest national car manufacturer in the country and is part of the Uzavtosanoat holding. The state owns 99.7% of the company, while the remaining 0.3% were previously traded freely on the Tashkent Stock Exchange.
UzAuto Motors was founded in 1992 as a joint venture with the South Korean conglomerate Daewoo. Later, it began cooperating with the American company General Motors. In 2019, the government of Uzbekistan bought out the shares of foreign partners, after which the company received the new name UzAuto Motors.
Although General Motors ceased participation as a co-owner, it continued technological interaction with the enterprise, including the supply of components and licenses. The company's state ownership was accompanied by various benefits, such as state guarantees on loans, subsidies, and incentives for production modernization.
The source materials contain critical remarks regarding the company's activities, including claims about producing outdated models, maintaining high prices, and declining sales after opening the automotive market to foreign producers. These assessments are not supported by additional data in the provided material.
The material mentions the Chevrolet Suburban as one of the company's latest products, described as the most expensive vehicle in the enterprise's history. Previously, the President of Uzbekistan instructed state officials to switch to using domestic vehicles.
