Uzbekistan is preparing the largest privatization program in its post Soviet history, and the United States has explicitly signaled its interest in participating in one of the most valuable assets on offer: UzAuto Motors, the country’s dominant automotive manufacturer. According to a factsheet released by the US State Department following the November 2025 C5+1 Presidential Summit, Washington and Tashkent agreed to explore the expansion of an American partnership in the upcoming sale and privatization of UzAuto Motors, alongside a commitment by Uzbekistan to import 5 billion dollars in American automotive parts over the next three years.
UzAuto Motors is a strategic industrial company by any measure. The Asaka based manufacturer produces vehicles under the Chevrolet brand at two production plants and posted revenues exceeding 3.2 billion dollars in its most recent full year results. It holds approximately 79 percent of Uzbekistan’s car market as of early 2026, though that share is gradually narrowing as private manufacturers from South Korea and China gain ground. The company traces its roots to a joint venture with General Motors that was restructured and taken fully into state ownership in 2019.
Uzbekistan’s 2026 privatization roadmap and BBB+ ambition
The UzAuto privatization is part of a sweeping government program covering 29 major state owned enterprises targeted for full or partial sale by 2028. In October 2025, Uzbekistan’s Deputy Prime Minister Kuchkarov announced that the country aims to raise its investment credit rating from the current BB+ (S and P) to BBB+ by 2030, requiring structural economic reforms of which the privatization program is a central pillar. The strategy, developed in cooperation with the Asian Development Bank and the World Bank, also includes 12 large companies scheduled to enter domestic and international stock exchanges through initial public offerings over the next three years.
Officials confirmed in April 2026 that preparations for the privatization of major assets including UzAuto Motors, Navoiyazot, and several thermal power plants are actively underway. The National Investment Fund is separately preparing a dual listing in Tashkent and London, offering up to 75 percent of its shares to attract institutional investors and improve capital market liquidity. Analysts have noted that Uzbekistan’s GDP growth consistently above 6 percent and its rapidly expanding middle class consumer base make it one of the most compelling frontier market privatization stories currently on offer in Eurasia.
Auto parts, Chevrolet supply chains and US strategic positioning
The 5 billion dollar American auto parts import commitment sits alongside the UzAuto privatization interest as part of a broader effort to rebuild the commercial ties between UzAuto and its former General Motors lineage. UzAuto continues to produce Chevrolet branded models, giving American suppliers a natural entry point into its component sourcing chains. For US firms, the combination of a near captive domestic market, a government committed to privatization, and a population of over 37 million with fast growing vehicle ownership rates represents an unusually direct commercial opportunity in a market that has historically been difficult for Western manufacturers to access at scale.
