Fitch Solutions: Vehicle production in Azerbaijan to reach annual production volume of just under 100,000 units by 2033

Fitch Solutions: Vehicle production in Azerbaijan to reach annual production volume of just under 100,000 units by 2033
# 29 April 2024 15:30 (UTC +04:00)

While Azerbaijan's total vehicle production remained below 5,000 units in 2023, we expect growth to accelerate significantly from 2024 to 2028 as more manufacturing plants come online, said the report of the international credit ratings agency Fitch Solutions, APA-Economics reports.

"In January 2024, the Economic Zones Development Agency, and the companies Uzavtosanoat and Azermash signed an agreement to establish a plant with an annual capacity of 30,000 units in Azerbaijan by 2026. We expect this investment, along with planned investments by Lada and a partnership with Iran's Khodro Company (IKCO), to support an output growth of 43.4% over 2024-2033 to reach an annual production volume of just under 100,000 units by 2033", the agency noted.

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