Uzbekistan moves to sell off its Chevrolet carmaker
The Uzbek government plans to sell its 99.7% stake in UzAuto Motors, the local manufacturer of Chevrolet cars that dominate the country’s roads. The deal would put one of Central Asia’s biggest auto businesses in front of private investors.
The State Assets Management Agency said it would announce tenders for UzAuto Motors and UzAuto Motors Powertrain, which makes engines, soon. The state owns 99.7% of the main company, and 100% of Powertrain and international consultancy Alvarez & Marsal have been brought in to prepare the assets for sale.
UzAuto Motors Powertrain adds another industrial asset to the package. The company manufactures engines used in Chevrolet Onix and Tracker vehicles and has a nominal annual capacity of 325,000 engines, rising to a maximum of 356,000. It has also begun exporting engine components, including cylinder blocks, to Latin America.
Wider context: Uzbekistan launches largest privatisation drive with UzAuto Motors at forefront
Once a winning bidder is chosen, Uzbekistan plans to amend its existing agreement with GM, with some of the government’s contractual obligations passing to the new investor.
UzAuto Motors says it manufactures Chevrolet-branded vehicles across two production sites, while Fitch estimates the company controls about 80% of Uzbekistan’s car market. The ratings agency expects sales to reach around 400,000 vehicles in 2026 and revenue to rise to about $4.4bn.
A buyer would inherit more than the factories
The sale will also have to accommodate UzAuto Motors’ longstanding relationship with General Motors.
Previous plans had envisaged selling the stakes in late 2025 or early 2026, but no tenders were launched on that timetable. Financial and operational materials should be prepared now, officials say, as the government moves towards open international bidding.
Read more: Roodell secures 50% state stake in auto parts manufacturer UzSungwoo
UzAuto tender is being launched as Uzbekistan accelerates a broader drive to reduce the state’s role in the economy. Dozens of companies and other state assets were added to the sales pipeline in an August presidential decree, with assets worth around UZS 100tn to be privatised.
