(MENAFN - Trend News Agency) Baku, Azerbaijan, April 18
By Sara Israfilbayova – Trend:
Production in the automotive industry of Azerbaijan will reach $20 million this year, Trend reports referring to Market Analysis Azerbaijan 2019, presented by the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan).
According to the publication, this figure will reach $70 million by 2022.
In 2017, the automotive industry experienced a decline. As such, 30 cars were produced in 2017, while the identical figures for 2016 and 2015 were 300 and 700, respectively.
"However, there was a jump in 2018, and 969 cars were produced in the country," the publication says.
In recent years, Azerbaijan has been paying attention to the development of the automotive industry.
The Khazar car plant, built by AzerMash, is located in southeast Azerbaijan in the Neftchala Industrial Site. All cars produced there comply with Euro 5 standards. Cars have been sold since summer 2018.
On Aug. 6, 2016, big Iranian automaker Iran Khodro and Azerbaijani company AzEuroCar, a subsidiary of AzerMash, signed an agreement to establish a joint automobile plant in Neftchala. The Azerbaijani side invested 75 percent in the plant, while the Iranian side invested 25 percent.
The groundbreaking ceremony of assembly plant for GAZ cars was held in Azerbaijan's Hajigabul industrial area on February 9.
The enterprise will assemble GAZel NEXT and GAZel BUSINESS light commercial vehicles, as well as GAZon NEXT medium trucks.
AzEurocar, a AzerMash subsidiary, will deal with the distribution and maintenance of GAZ vehicles in Azerbaijan.
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