By Alimat Aliyeva

The Chinese company China Xiaou Group plans to open a car assembly plant in the Ferghana region of Uzbekistan, the press service of the khokimiyat (administration) of the region reports, Azernews reports.

According to the information, during the visit of the delegation of the khokimiyat, an agreement was signed on the establishment of an enterprise worth $ 1.5 billion.

It is reported that the document was signed by Khokim of the Fergana region Khairullo Bozorov and the head of China Xiaou Group Huang He.

At the first stage of the project, $50 million will be invested in the creation of assembly and painting lines for cars.
It is planned that the annual production volume will be 60 thousand cars and electric vehicles.

In the second and third stages, the investor intends to invest $350 million and $1.1 billion, respectively. This will allow to localize production and increase the output of cars to 100 thousand units per year.