{"id":1705,"date":"2026-06-25T22:55:58","date_gmt":"2026-06-25T17:55:58","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=1705"},"modified":"2026-06-25T22:55:59","modified_gmt":"2026-06-25T17:55:59","slug":"financing-decisions-and-value-creation-in-an-emerging-economy-evidence-from-the-capital-structure-of-uzauto-motors","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=1705","title":{"rendered":"FINANCING DECISIONS AND VALUE CREATION IN AN EMERGING ECONOMY: EVIDENCE FROM THE CAPITAL STRUCTURE OF UZAUTO MOTORS"},"content":{"rendered":"\n<p><strong>Qudratova Feruza Nasriddinovna<\/strong><\/p>\n\n\n\n<p><em>Assistant at Corporate<\/em><\/p>\n\n\n\n<p><em>Finance and Securities Department<\/em><\/p>\n\n\n\n<p><em>Tashkent State University of Economics<\/em><\/p>\n\n\n\n<p><em>e-mail:<\/em><a href=\"mailto:feruzaqudratova69@gmail.com\"><em>feruzaqudratova69@gmail.com<\/em><\/a><em><\/em><\/p>\n\n\n\n<p><em>ORCID ID:0000-0002-1391-8019<\/em><\/p>\n\n\n\n<p><strong><em>Abstract. <\/em><\/strong><em>This paper shows how UzAuto Motors, Uzbekistan\u2019s largest carmaker, structured its financing between 2021 and 2023, drawing on the firm\u2019s audited IFRS statements. A time-series reading of its leverage and profitability ratios is used to test whether the company\u2019s financing choices are consistent with the leading theories of capital structure within a young, rapidly reforming economy. The evidence indicates that the firm kept its financial leverage moderate and deliberately managed, depended substantially on the operational liabilities that are characteristic of the automotive industry, and reinforced its equity base during periods of consolidation. As profitability strengthened, so did the firm\u2019s capacity to service debt, allowing borrowing decisions that added rather than destroyed value. Taken together, the case illustrates how companies operating in transitional markets combine debt, equity, and operational financing in pursuit of durable value creation.<\/em><\/p>\n\n\n\n<p><strong><em>Keywords: <\/em><\/strong><em>capital structure; firm value; financial leverage; debt-to-equity ratio; profitability; operational liabilities; trade-off theory; pecking-order theory; emerging markets; UzAuto Motors; Uzbekistan.<\/em><\/p>\n\n\n\n<p><strong>RIVOJLANAYOTGAN IQTISODIYOTDA MOLIYALASHTIRISH QARORLARI VA QIYMAT YARATISH: UZAUTO MOTORS KAPITAL TUZILMASI MISOLIDA<\/strong><\/p>\n\n\n\n<p><strong>Qudratova Feruza Nasriddinovna<\/strong><\/p>\n\n\n\n<p><em>Korporativ moliya va<\/em><\/p>\n\n\n\n<p><em>qimmatli qog\u2018ozlar kafedrasi assistenti<\/em><\/p>\n\n\n\n<p><em>Toshkent davlat<\/em><\/p>\n\n\n\n<p><em>iqtisodiyot universiteti<\/em><\/p>\n\n\n\n<p><em>e-mail:<\/em><a href=\"mailto:feruzaqudratova69@gmail.com\"><em>feruzaqudratova69@gmail.com<\/em><\/a><em><\/em><\/p>\n\n\n\n<p><em>ORCID ID:0000-0002-1391-8019<\/em><\/p>\n\n\n\n<p><strong><em>Annotatsiya.<\/em><\/strong><em> Ushbu maqolada O\u2018zbekistonning eng yirik avtomobil ishlab chiqaruvchisi \u201cUzAuto Motors\u201d 2021 va 2023-yillar oralig\u2018ida o\u2018z moliyalashtirishini kompaniyaning auditorlik tekshiruvidan o\u2018tgan MHXS hisobotlariga asoslanib qanday tuzganligi ko\u2018rsatilgan. Kompaniyaning moliyalashtirish tanlovlari yosh, tez isloh qilinayotgan iqtisodiyotda kapital tuzilishining yetakchi nazariyalariga mos kelishini tekshirish uchun uning richagi va rentabellik koeffitsiyentlarini vaqt qatori bo\u2018yicha hisoblashdan foydalaniladi. Dalillar shuni ko\u2018rsatadiki, firma moliyaviy dastakni mo\u2018tadil saqlagan va ongli ravishda boshqargan, avtomobilsozlik sanoatiga xos bo\u2018lgan operatsion majburiyatlarga sezilarli darajada bog\u2018liq bo\u2018lgan hamda konsolidatsiya davrlarida o\u2018z kapital bazasini mustahkamlagan. Rentabellik oshgani sari, firmaning qarzga xizmat ko\u2018rsatish qobiliyati ham oshib bordi, bu esa qiymatni yo\u2018q qilish o\u2018rniga uni oshiradigan qarz qarorlarini qabul qilishga imkon berdi. Umuman olganda, bu misol o\u2018tish bozorlarida faoliyat yurituvchi kompaniyalar uzoq muddatli qiymat yaratishga intilib, qarz, xususiy kapital va operatsion moliyalashtirishni qanday birlashtirishini ko\u2018rsatadi.<\/em><\/p>\n\n\n\n<p><strong><em>Kalit so\u2018zlar:<\/em><\/strong><em> kapital tuzilmasi; firma qiymati; moliyaviy dastak; qarzning xususiy kapitalga nisbati; rentabellik; operatsion majburiyatlar; kelishuv nazariyasi; buyurtma nazariyasi; rivojlanayotgan bozorlar; UzAuto Motors; O\u2018zbekiston.<\/em><\/p>\n\n\n\n<p><strong>\u0424\u0418\u041d\u0410\u041d\u0421\u041e\u0412\u042b\u0415 \u0420\u0415\u0428\u0415\u041d\u0418\u042f \u0418 \u0421\u041e\u0417\u0414\u0410\u041d\u0418\u0415 \u0421\u0422\u041e\u0418\u041c\u041e\u0421\u0422\u0418 \u0412 \u0420\u0410\u0417\u0412\u0418\u0412\u0410\u042e\u0429\u0415\u0419\u0421\u042f \u042d\u041a\u041e\u041d\u041e\u041c\u0418\u041a\u0415: \u0414\u041e\u041a\u0410\u0417\u0410\u0422\u0415\u041b\u042c\u0421\u0422\u0412\u0410 \u0418\u0417 \u0421\u0422\u0420\u0423\u041a\u0422\u0423\u0420\u042b \u041a\u0410\u041f\u0418\u0422\u0410\u041b\u0410 UZAUTO MOTORS<\/strong><\/p>\n\n\n\n<p><strong>\u041a\u0443\u0434\u0440\u0430\u0442\u043e\u0432\u0430 \u0424\u0435\u0440\u0443\u0437\u0430 \u041d\u0430\u0441\u0440\u0438\u0434\u0434\u0438\u043d\u043e\u0432\u043d\u0430<\/strong><\/p>\n\n\n\n<p><em>\u0410\u0441\u0441\u0438\u0441\u0442\u0435\u043d\u0442 \u0432 \u0414\u0435\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442\u0435 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0442\u0438\u0432\u043d\u044b\u0445 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432 \u0438 \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433<\/em><\/p>\n\n\n\n<p><em>\u0422\u0430\u0448\u043a\u0435\u043d\u0442\u0441\u043a\u0438\u0439 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0439<\/em><\/p>\n\n\n\n<p><em>\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0443\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442<\/em><\/p>\n\n\n\n<p><em>e<\/em><em>&#8211;<\/em><em>mail<\/em><em>:<\/em><a href=\"mailto:feruzaqudratova69@gmail.com\"><em>feruzaqudratova69@gmail.com<\/em><\/a><em><\/em><\/p>\n\n\n\n<p><em>ORCID <\/em><em>ID<\/em><em>:0000-0002-1391-8019<\/em><\/p>\n\n\n\n<p><strong><em>\u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f.<\/em><\/strong><em> \u0412 \u0434\u0430\u043d\u043d\u043e\u043c \u0434\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u0435 \u043f\u043e\u043a\u0430\u0437\u0430\u043d\u043e, \u043a\u0430\u043a UzAuto Motors, \u043a\u0440\u0443\u043f\u043d\u0435\u0439\u0448\u0438\u0439 \u0430\u0432\u0442\u043e\u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u0438\u0442\u0435\u043b\u044c \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d\u0430, \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0438\u0440\u043e\u0432\u0430\u043b \u0441\u0432\u043e\u0435 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u0432 \u043f\u0435\u0440\u0438\u043e\u0434 \u0441 2021 \u043f\u043e 2023 \u0433\u043e\u0434, \u043e\u043f\u0438\u0440\u0430\u044f\u0441\u044c \u043d\u0430 \u043f\u0440\u043e\u0432\u0435\u0440\u0435\u043d\u043d\u0443\u044e \u043e\u0442\u0447\u0435\u0442\u043d\u043e\u0441\u0442\u044c \u0444\u0438\u0440\u043c\u044b \u043f\u043e \u041c\u0421\u0424\u041e. \u0427\u0442\u0435\u043d\u0438\u0435 \u0432\u0440\u0435\u043c\u0435\u043d\u043d\u044b\u0445 \u0440\u044f\u0434\u043e\u0432 \u0435\u0433\u043e \u0440\u044b\u0447\u0430\u0433\u043e\u0432 \u0438 \u043a\u043e\u044d\u0444\u0444\u0438\u0446\u0438\u0435\u043d\u0442\u043e\u0432 \u0440\u0435\u043d\u0442\u0430\u0431\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u0443\u0435\u0442\u0441\u044f \u0434\u043b\u044f \u043f\u0440\u043e\u0432\u0435\u0440\u043a\u0438 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0438\u044f \u0432\u044b\u0431\u043e\u0440\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0438 \u0432\u0435\u0434\u0443\u0449\u0438\u043c \u0442\u0435\u043e\u0440\u0438\u044f\u043c \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u044b \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430 \u0432 \u043c\u043e\u043b\u043e\u0434\u043e\u0439, \u0431\u044b\u0441\u0442\u0440\u043e \u0440\u0435\u0444\u043e\u0440\u043c\u0438\u0440\u0443\u044e\u0449\u0435\u0439\u0441\u044f \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0435. \u0414\u0430\u043d\u043d\u044b\u0435 \u0441\u0432\u0438\u0434\u0435\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0443\u044e\u0442 \u043e \u0442\u043e\u043c, \u0447\u0442\u043e \u0444\u0438\u0440\u043c\u0430 \u0441\u043e\u0445\u0440\u0430\u043d\u044f\u043b\u0430 \u0443\u043c\u0435\u0440\u0435\u043d\u043d\u044b\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0439 \u0440\u044b\u0447\u0430\u0433 \u0438 \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u043b\u0430 \u0438\u043c \u043e\u0441\u043e\u0437\u043d\u0430\u043d\u043d\u043e, \u0432 \u0437\u043d\u0430\u0447\u0438\u0442\u0435\u043b\u044c\u043d\u043e\u0439 \u0441\u0442\u0435\u043f\u0435\u043d\u0438 \u0437\u0430\u0432\u0438\u0441\u0435\u043b\u0430 \u043e\u0442 \u043e\u043f\u0435\u0440\u0430\u0446\u0438\u043e\u043d\u043d\u044b\u0445 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432, \u0445\u0430\u0440\u0430\u043a\u0442\u0435\u0440\u043d\u044b\u0445 \u0434\u043b\u044f \u0430\u0432\u0442\u043e\u043c\u043e\u0431\u0438\u043b\u044c\u043d\u043e\u0439 \u043f\u0440\u043e\u043c\u044b\u0448\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u0438, \u0438 \u0443\u043a\u0440\u0435\u043f\u043b\u044f\u043b\u0430 \u0441\u0432\u043e\u044e \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043d\u0443\u044e \u0431\u0430\u0437\u0443 \u0432 \u043f\u0435\u0440\u0438\u043e\u0434\u044b \u043a\u043e\u043d\u0441\u043e\u043b\u0438\u0434\u0430\u0446\u0438\u0438. \u041f\u043e \u043c\u0435\u0440\u0435 \u0443\u043a\u0440\u0435\u043f\u043b\u0435\u043d\u0438\u044f \u043f\u0440\u0438\u0431\u044b\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u0443\u0432\u0435\u043b\u0438\u0447\u0438\u0432\u0430\u043b\u0430\u0441\u044c \u0438 \u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442\u044c \u0444\u0438\u0440\u043c\u044b \u043e\u0431\u0441\u043b\u0443\u0436\u0438\u0432\u0430\u0442\u044c \u0434\u043e\u043b\u0433\u0438, \u0447\u0442\u043e \u043f\u043e\u0437\u0432\u043e\u043b\u044f\u043b\u043e \u043f\u0440\u0438\u043d\u0438\u043c\u0430\u0442\u044c \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u043e \u0437\u0430\u0438\u043c\u0441\u0442\u0432\u043e\u0432\u0430\u043d\u0438\u044f\u0445, \u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u0434\u043e\u0431\u0430\u0432\u043b\u044f\u043b\u0438, \u0430 \u043d\u0435 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\u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430; \u0442\u0435\u043e\u0440\u0438\u044f \u043a\u043e\u043c\u043f\u0440\u043e\u043c\u0438\u0441\u0441\u0430; \u0442\u0435\u043e\u0440\u0438\u044f \u043f\u0438\u043a\u0438\u043d\u0433\u0430; \u0440\u0430\u0437\u0432\u0438\u0432\u0430\u044e\u0449\u0438\u0435\u0441\u044f \u0440\u044b\u043d\u043a\u0438; UzAuto Motors; \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d.<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/38.-Qudratova-Feruza-Nasriddinovna-Financing-decisions-and-value-creation-in-an-emerging-economy-Evidence-from-the-capital-structure-of-Uzauto-Motors.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 38. Qudratova Feruza Nasriddinovna - Financing decisions and value creation in an emerging economy Evidence from the capital structure of Uzauto Motors.\"><\/object><a id=\"wp-block-file--media-8819fc87-73d0-4c03-9e22-86e4472c2e3c\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/38.-Qudratova-Feruza-Nasriddinovna-Financing-decisions-and-value-creation-in-an-emerging-economy-Evidence-from-the-capital-structure-of-Uzauto-Motors.pdf\">38. Qudratova Feruza Nasriddinovna &#8211; Financing decisions and value creation in an emerging economy Evidence from the capital structure of Uzauto Motors<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/38.-Qudratova-Feruza-Nasriddinovna-Financing-decisions-and-value-creation-in-an-emerging-economy-Evidence-from-the-capital-structure-of-Uzauto-Motors.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-8819fc87-73d0-4c03-9e22-86e4472c2e3c\">Download<\/a><\/div>\n\n\n\n<p><strong>References<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Acharya, V. V., &amp; Richardson, M. (2009). Restoring financial stability: How to repair a failed system. Wiley.<\/li>\n\n\n\n<li>Akhter, S., Akhter, R., &amp; Shahriar, A. Z. M. (2018). Growth opportunities and firm performance: Evidence from emerging markets. 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A theory of fairness, competition, and cooperation. The Quarterly Journal of Economics, 114(3), 817\u2013868.<\/li>\n\n\n\n<li>Gamba, A., &amp; Triantis, A. (2008). Corporate risk management: Integrating liquidity, hedging, and operating policies. Journal of Finance, 63(4), 1769\u20131800.<\/li>\n\n\n\n<li>Huang, G., &amp; Song, F. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14\u201336.<\/li>\n\n\n\n<li>Ikapel, O. P., &amp; Kajirwa, I. (2017). Effect of long-term debt on financial performance of Kenyan firms. European Financial and Accounting Journal, 12(3), 33\u201351.<\/li>\n\n\n\n<li>Stiglitz, J. E. (1974). On the irrelevance of corporate financial policy. American Economic Review, 64(6), 851\u2013866.<\/li>\n\n\n\n<li>Strebulaev, I. (2007). Do liquidity and profitability shape capital structure? 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This paper shows how UzAuto Motors, Uzbekistan\u2019s largest carmaker, structured its financing between 2021&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-1705","post","type-post","status-publish","format-standard","hentry","category-2026-yil-3-son"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINANCING DECISIONS AND VALUE CREATION IN AN EMERGING ECONOMY: EVIDENCE FROM THE CAPITAL STRUCTURE OF UZAUTO MOTORS - \u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.tsue.uz\/?p=1705\" \/>\n<meta property=\"og:locale\" content=\"uz_UZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FINANCING DECISIONS AND VALUE CREATION IN AN EMERGING ECONOMY: EVIDENCE FROM THE CAPITAL STRUCTURE OF UZAUTO MOTORS - \u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali\" \/>\n<meta property=\"og:description\" content=\"Qudratova Feruza Nasriddinovna Assistant at Corporate Finance and Securities Department Tashkent State University of Economics e-mail:feruzaqudratova69@gmail.com ORCID ID:0000-0002-1391-8019 Abstract. This paper shows how UzAuto Motors, Uzbekistan\u2019s largest carmaker, structured its financing between 2021&#046;&#046;&#046;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fintech.tsue.uz\/?p=1705\" \/>\n<meta property=\"og:site_name\" content=\"\u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-25T17:55:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-25T17:55:59+00:00\" \/>\n<meta name=\"author\" content=\"fintex-admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"fintex-admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 daqiqa\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705\"},\"author\":{\"name\":\"fintex-admin\",\"@id\":\"https:\\\/\\\/fintech.tsue.uz\\\/#\\\/schema\\\/person\\\/23c74e51ed62b86e6d0bd0648490066b\"},\"headline\":\"FINANCING DECISIONS AND VALUE CREATION IN AN EMERGING ECONOMY: EVIDENCE FROM THE CAPITAL STRUCTURE OF UZAUTO MOTORS\",\"datePublished\":\"2026-06-25T17:55:58+00:00\",\"dateModified\":\"2026-06-25T17:55:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705\"},\"wordCount\":956,\"commentCount\":0,\"articleSection\":[\"2026-yil 3-son\"],\"inLanguage\":\"uz-UZ\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705\",\"url\":\"https:\\\/\\\/fintech.tsue.uz\\\/?p=1705\",\"name\":\"FINANCING DECISIONS AND VALUE CREATION IN AN EMERGING ECONOMY: EVIDENCE FROM THE CAPITAL STRUCTURE OF UZAUTO MOTORS - 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