The total sales of motor vehicles in Uzbekistan witnessed a decline of 19% by the end of April, totaling 88,300 vehicles, the Center for Economic Research and Reforms (CERR) reported.
CERR has released its monthly analysis of Uzbekistan's automobile market, revealing a continued decline in overall car sales but a promising resurgence in the electric vehicle (EV) sector, particularly in the capital city, Tashkent.
Passenger car sales, comprising the majority of the market, experienced an 18.6% drop, with 78,500 units sold.
Regional disparities were evident, with all regions of the republic reporting decreased sales in the passenger car segment. Namangan, Fergana, and Surkhandarya regions witnessed declines exceeding 30%.
On an annual basis, the passenger car market saw a contraction of 35.3%. Experts suggest that the reduction in car loans and tightened lending regulations may have contributed to this downturn. Data from the Central Bank of the Republic indicates a decrease in car loans issued by Uzbek banks in March, reaching a two-year low of UZS 1.25 trillion ($98.3mn).
The primary market for passenger cars also experienced a decline, albeit at a slower rate compared to previous months. Sales amounted to nearly 20,000 cars, marking a 10% decrease from March and a 22% decrease from the previous year. Domestic car sales have been on a downward trajectory for the past three months, with April recording a 9% decrease.
Foreign passenger car sales declined by 15.3%, with 2,000 units sold in April. This represents a 24% decrease compared to the same period last year.
Meanwhile, the secondary car market saw a downturn, with sales dropping by 21.2% and reaching their lowest level since early 2022. Nearly 59,000 cars were registered in April, marking a 39% decline from the previous year.
In contrast to the overall market trend, the EV segment demonstrated robust growth in April. Sales of passenger EVs surged by 23.2%, totaling 2,900 units. Tashkent emerged as a leader in this segment, with almost 2,000 EVs sold within the capital alone. On an annual basis, EV sales doubled across the republic, indicating a promising trajectory for this environmentally friendly mode of transportation.
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