In a boost to the country's automotive industry, car sales in Uzbekistan soared by an impressive 62% in October compared to the same period in 2022, reaching a total of 168.000 units, as per a report released by the Center for Economic Research and Reforms (CERR).
The surge in sales comes despite an uptick in prices for budget models such as Damas/Labo, Cobalt, and Lacetti, attributed to the resumption of contract issuance by UzAuto Motors. CERR's analysts are optimistic about the industry's outlook, predicting a continued upward trend in passenger car sales throughout November.
The report highlights that the primary car market experienced a remarkable doubling over the year, reaching a total of 25,000 units. This surge indicates a growing demand for new cars, possibly driven by a combination of factors, including increased consumer confidence, economic stability, and improved access to financing options.
Furthermore, the used car market also witnessed substantial growth, with sales increasing by 46% and surpassing the 124,000 unit mark. This suggests that not only are consumers opting for new cars, but there is also a robust market for pre-owned vehicles, showcasing the diversity of preferences within the automotive consumer base.
Industry experts speculate that several factors might be contributing to this surge in car sales. Improved economic conditions, increased disposable income, and the availability of financing options are likely to play pivotal roles in driving consumer confidence and, subsequently, boosting car purchases.
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