Interest in EVs declines by 7.8% in Uzbekistan

In recent months, the automotive landscape in Uzbekistan has witnessed notable shifts: while the overall car market has shown positive dynamics, a specific trend has emerged: a decline of 7.8% in interest in electric vehicles (EVs), CERR reports.

Positive Trends in the Car Market

1. Used Car Segment: The used car segment experienced robust growth, with a remarkable 7% increase since the beginning of the year. Buyers are increasingly turning to pre-owned vehicles, drawn by affordability and availability.

2. New Domestic Passenger Cars: In contrast, the new domestic passenger car segment saw more modest growth, registering a 1% increase. Factors such as economic stability and consumer preferences play a role in shaping this trend.

Electric Cars Face Declining Interest

The most significant shift, however, lies in the realm of electric cars. Despite the global push toward sustainable transportation, interest in EVs has waned in Uzbekistan. Here are the specifics:

• Interest Decline: The CERR report reveals that interest in electric cars dropped significantly by 7.8%. This decline indicates a shift in consumer preferences and perhaps challenges related to EV adoption.

• Primary Market: Within the primary market for electric cars, there was a 35% decrease in sales (totaling 2,000 units). However, it’s essential to note that this decline follows a remarkable 6-fold increase compared to the same period last year.

• Secondary Market: Surprisingly, the secondary market for electric cars bucked the trend. In October, it experienced a 30% increase in sales, while September saw a more modest growth of 8.5%. Buyers seem to be exploring used electric vehicles as an alternative.

Overall Motor Vehicle Sales

Despite the fluctuations in specific segments, overall motor vehicle sales in Uzbekistan have risen. The total number of vehicles sold reached 144,500 units, reflecting an 8% increase. Notably, this figure represents a 14% surge compared to January of the previous year.

Policy and Market Dynamics

Uzbekistan has implemented several measures to promote the electric vehicle market:

• Customs Exemptions: Since 2019, imported electric cars have been exempted from customs duties and excise taxes, encouraging their entry into the country.

• Motor Vehicle Tax Waiver: Starting in 2021, electric cars are not subject to motor vehicle taxes, further incentivizing their adoption.

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