Uzbekistan preparing to sell stakes in UzAuto Motors, UzAuto Motors Powertrain

TASHKENT. Sept 22 (Interfax) - Uzbekistan's state asset management agency plans to announce tenders soon to privatize the government's stakes in UzAuto Motors, formerly GM Uzbekistan, and UzAuto Motors Powertrain.

"We will announce tenders soon for two state-owned companies, UzAuto Motors and UzAuto Motors Powertrain," Alisher Miraliyev, deputy director of the agency, was quoted as saying by Uzbek media.

The government holds a 99.7% stake in UzAuto Motors and a 100% stake in UzAuto Motors Powertrain.

UzAuto Motors is the largest passenger car manufacturer in Uzbekistan. The company began operations in 1992 through a joint venture with South Korea's Daewoo. It later collaborated with General Motors after the latter acquired Daewoo's automotive division, and in 2019, Uzbekistan bought out the stakes held by its foreign partners. As at the end of 2025, the company's assets were valued at $2.6 billion, with shareholder equity of $358.1 million.

The company's website indicates that it currently operates a plant in the city of Asaka, Andijan Region, with production capacity of 300,000 vehicles per year, and a plant in the city of Pitnak, Khorezm Region, with production capacity of 150,000 vehicles per year, and supplies the Damas, Labo, Chevrolet Cobalt, Onix, Tracker, Captiva, Malibu XL, Equinox, Traverse, and Tahoe car models to the market.

Established in 2008, UzAuto Motors Powertrain manufactures gasoline and bi-fuel engines, including turbocharged and naturally aspirated models, according to its website. The plant also manufactures key engine components, including crankshafts, cylinder blocks, and cylinder heads. As at the end of 2024, the company's authorized capital was UZS 139.8 billion (around $11.82 million).