TASHKENT, Uzbekistan, December 27. Chinese Anhui Coronet Technologies plans to invest $37 million in the production of electric vehicles in Uzbekistan, Trend reports.
The news followed a meeting between Uzbekistan’s Chamber of Commerce and the representatives of the Chinese company.
At the first stage of the project, the Chinese company intends to invest $7 million for the construction of production facilities. Subsequently, it is planned to increase the volume of investments to $30 million through the installation of equipment.
The project is being contemplated for implementation within the free economic zone in the Khorezm region.
Some other Chinese companies, including Dongfeng Motor (car manufacturer), Luoyang Grasen Power Technology (specializes in the research and development, manufacture, sales, and service of new energy electric vehicle charging equipment) and Tunghsu Group (mainly develops, manufactures, and sells liquid crystal displays and plasma display panel glass substrates) visited the region to discuss possible future cooperation.
Dongfeng Motor plans opening production of electric buses in Uzbekistan, investing $45 million in the project. The volume of investments will rise to $50 million in 2025 to localize the production of batteries and other components for electric vehicles, as well as organize a maintenance service.
Luoyang Grasen Power Technology company plans to launch the production of electric vehicle chargers in Uzbekistan. The company's potential investment in this project is estimated at $30 million.