China Xiaou Group intends to launch a large automobile manufacturing complex in the Ferghana region of Uzbekistan, the Khokimiyat (regional authority) of the Ferghana press service has reported. The agreement on constructing a large automobile complex with China Xiaou Group for $1.5 billion, at the expense of direct Chinese investments, was signed during a visit by a delegation of officials and businessmen from the Ferghana region to China.
It is reported that in the first stage of the project, a $50 million investment is planned to set up production lines for 60,000 electric, hybrid, and special cars per year. In the second phase, $350 million will be invested, and $1.1 billion in the third phase. Most of the components will be localized, and the number of cars produced will be increased to 110,000 per year.
The project is planned to be fully completed within five years.
