2023 Sees One-Third Increase in New Car Sales
The demand for electric vehicles in Uzbekistan has increased dramatically, even though there was a slight decline at the end of the year. According to the Center for Economic Research and Reforms (CERR), car sales in the country increased by 18% in 2023, with a total of 1.69 million vehicles being re-registered. This included over 1.5 million passenger cars, with peak sales observed in May and October.
Despite a slowdown in sales in December due to seasonal factors, the overall increase in demand is evident from the growing volume of car loans. In 2022, 19.6 trillion soums were issued for car purchases, which is more than double the amount from the previous year. From January to November 2023, banks provided loans worth 34.6 trillion soums for the purchase of cars.
The primary segment also saw a significant increase in demand, with a 33% increase in sales of new cars. The sales volume of local automobile industry products exceeded 333 thousand, with production reaching 395 thousand cars, signaling a 1.6 times increase in just two years.
Foreign cars, benefiting from lower duties, showed a more than double increase in sales, with 46 thousand units sold. The volume of car imports in eleven months amounted to $1.56 billion, which is 2.2 times more than the same period a year earlier.
The sales growth in the used car segment was more modest, with a 12.6% increase, reaching a peak of 1.16 million. However, experts specifically noted the sharp growth in the electric transport segment. Despite a recent decline in demand, 25.7 thousand cars with electric motors were sold over the year, marking a 4.3 times increase from last year, with over 70% of sales accounted for in Tashkent. This significant increase in the demand for electric vehicles reflects a growing trend towards sustainable and eco-friendly transportation options in Uzbekistan.
