17:26 - 29.04.2024

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April 29, Fineko/abc.az. Currently, despite the low car production in Azerbaijan, rapid growth is expected in this area, ABC.AZ reports, referring to Fitch Solutions research group.

FS noted that although the total production of cars in Azerbaijan in 2023 will be less than 5,000 cars, growth is expected to be significantly accelerated from 2024 to 2028, as more manufacturing plants will be launched.

"In January 2024, the Economic Zones Development Agency and companies Uzavtosanoat and Azermash signed an agreement on the establishment of a plant with capacity of 30,000 cars a year in Azerbaijan by 2026. Iranian company Khodro (IKCO) will maintain production growth of 43.4% in the period from 2024 to 2033, the annual production volume by 2033 will be slightly less than 100,000 cars," FS added.