GM Uzbekistan to start sales of Chevrolet Spark
Uzbekistan, Tashkent, Aug. 19 / Trend D.Azizov /
The Uzbek-U.S. carmaker GM Uzbekistan will start to realize new model Chevrolet Spark across Uzbekistan. This will be the seventh model, which is produced at production capacities of GM Uzbekistan, Uzavtoprom reported.
In February 2010, GM DAT and Uzavtoprom signed a memorandum of understanding on the organization of the production of compact car Chevrolet Spark in the joint venture GM Uzbekistan.
Based on the document, GM Uzbekistan will be the exclusive manufacturer and seller on the CIS market. Chevrolet Spark production is expected to start late August 2010 and export in September.
Chevrolet Spark will come into the market to all dealer offices in Uzbekistan after the presentation of model Aug.26. New model will be realized in internal market through dealer network of Uzavtosanoat, while it will be exported through dealer offices of General Motors. The cost of the car is not known yet.
Spark will be the seventh model, which is produced at production capacities of GM Uzbekistan..
In late 2008, GM Uzbekistan and GM DAT signed an agreement to launch production of a new A-class model worth $124.5 million. Project production capacity is 50,000 cars per year, 20,000 of which will be exported.
The project will be financed through credit founders of the joint venture and equity AK Uzavtoprom.
The interviewee said that the sides also reached an agreement to develop a new business-class sedan, GSVEM, by late 2011.
Production of two new models is part of the business plan signed by the government of Uzbekistan and GM DAT in May 2007.
GM Uzbekistan started 2008 the production of a modernized Nexia model and a series production of the Lacetti model, which was build on a previously conducted large-scheme. Total investment in these projects was $65.5 million.
UzDaewooAuto was created on a parity basis by the Uzbek government and South Korean Daewoo Motor. In May 2005, Uzavtosanoat purchased 50% shares of Daewoo Motor in UzDaewoo Auto for about US$110 million. General Motors and Uzavtosanoat completed process of creation of GM Uzbekistan on the base of UzDaewooAuto in the end of March 2008. The charter capital of new venture is US$266.7 million.
General Motors owns 25% shares and plus one share in the new venture and it can increase its share up to 40%. Currently, Uzavtosanoat possesses 75% shares in GM Uzbekistan.
It was reported that GM Uzbekistan increased production of cars by 5.1 percent in 2009 compared to 205,011 vehicles in 2008.
The production of Nexia cars reduced by 3.1 percent - up to 18 310 units in January-March.
Production of Matiz small car increased by 3.3 percent - up to 14 280 units, Damas - at 1.7 percent to 4,445 units, Lacetti - nearly 1.5 times to 4,511 units, Epica - 1,4 times up to 806 units.
Production of Captiva cars reduced by 1.35 times smaller - 360 units from early 2010.
Do you have any feedback? Contact our journalist at: [email protected]