...

GM Uzbekistan continues to reduce car sales in Russia

Business Materials 9 June 2015 17:28 (UTC +04:00)
GM Uzbekistan (former UzDaewooAuto) sold in Russia some 8,622 cars, which is 58.7 percent less than in the same period of 2014
GM Uzbekistan continues to reduce car sales in Russia

Tashkent, Uzbekistan, June 9

By Demir Azizov - Trend:

GM Uzbekistan (former UzDaewooAuto) sold in Russia some 8,622 cars, which is 58.7 percent less than in the same period of 2014, the Association of European Businesses (AEB) said.

In the first five months of 2015, GM Uzbekistan's share of products in the Russian market decreased to 1.3 percent from 2 percent earlier in the same period of 2014, and the joint venture took the 19th place in terms of the car sales in Russia.

The car sold 1,558 cars in May 2015, which is 55.7 percent less compared to April 2014, according to the committee.

The decline in sales of the Uzbek car producer is related to the situation on the Russian car market, where sales in the first five months of this year decreased by 37.7 percent, according to expert estimates.

In January-May, 641,930 cars were sold in Russia compared to more than 1.03 million cars in the same period last year.

GM Uzbekistan, formerly known as UzDaewooAuto, was created in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.

In 2005, Uzbekistan acquired Daewoo's shares in UzDaewooAuto. In 2007, Uzavtoprom (Uzbek Association of Automotive Industry Enterprises) and the U.S.-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million.

General Motors owns 25 percent shares in the GM Uzbekistan plus one share with a possibility of increasing it to 40 percent. At the moment, 75 percent of the shares belong to the Uzavtoprom.

At present, GM Uzbekistan JV produces nine models of cars.

Car production at GM Uzbekistan on the results of 2014 increased by 0.1 percent - up to 245,700 cars.

It was previously reported that in 2014, GM Uzbekistan JV decreased the sales of cars in Russia by 38 percent - up to 37,695 units, compared to 2013.

Edited by CN

Tags:
Latest

Latest