Baku, Azerbaijan, June 8
Trend:
The South Korean Hyundai will start producing cars in the Namangan region of Uzbekistan starting from February 2020, Trend reports with reference to uz.sputniknews.ru.
The plant will produce three thousand cars a year. As noted, $11 million has been invested in the project so far. Eighty percent of the shares will be owned by Hyundai, and twenty percent will remain at the disposal of the government.
Earlier, it was reported that Hyundai was planning to launch the production of commercial vehicles in Namangan region in September 2019. The company was going to initially produce up to 400 trucks, minibuses and buses and gradually increase production to 2,500 units in a year.
A memorandum of understanding on the organization of mass production of Hyundai cars in Uzbekistan was signed in the framework of the visit of the President of Uzbekistan Shavkat Mirziyoyev to South Korea in November 2017. The document was signed between the State Investment Committee of the Republic and Evergreen Motors, the official distributor of KIA and Hyundai in the CIS.
