UzAuto Motors bond investment idea

UzAuto Motors — the largest and systemically important automotive manufacturer in Uzbekistan with a dominant domestic market share of about 80%, producing and selling vehicles and spare parts under the global Chevrolet brand under a licensing agreement with General Motors. In 2025, the company produced around 400,000 vehicles and generated revenue of approximately $4.08 billion. The company is 99.7% controlled by the Government of the Republic of Uzbekistan, ensuring it has priority access to state support. 

Investment Thesis
•    Dominant, protected position in a growing market
•    State support
•    Expansion of production capacity and new model range
•    Bank financing for sales