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GM Uzbekistan increases sale of cars in Russia in 2010

Business Materials 16 January 2011 15:52
Uzbekistan, an Uzbek-US carmaker, entered to Top 10 bestselling cars in Russia in 2010.
GM Uzbekistan increases sale of cars in Russia in 2010

Uzbekistan, Tashkent, Jan. 16 / Trend D. Azizov /

Uzbekistan, an Uzbek-US carmaker, entered to Top 10 bestselling cars in Russia in 2010.

According to the association, GM Uzbekistan increased sales of cars by 45 percent year-on-year in 2010 to 74,419 automobiles in 2010. The company sold 51,414 cars in 2009. The Uzbek carmaker took the tenth place on the volume of sold cars in the Russian market in the reporting period.

GM Uzbekistan sold 6,911 cars in December 2010 in the Russian market compared to 4,451 cars in December 2009 (growth 55 percent), the association said.

Nexia model, produced at the Uzbek plant, took the eighth place in the list of bestselling automobiles in Russia and the third among imported cars. The company traded 43,943 cars of this model in Russia in 2010 against 28,233 cars in the same period of 2009 (growth 56 percent).

Sales of Nexia model grew by 57 percent in December 2010 compared to the same period of 2009 and reached 4,284 cars (2,715 cars in December 2009).

The eleventh place in the ranking was occupied by Matiz model. Sales of Matiz in Russia grew by 31 percent year-on-year in 2010 and made up 30,476 cars. In December 2010, GM Uzbekistan sold 2,627 units of Matiz model (+51 percent).

As earlier reported, GM Uzbekistan realized about 143,000 automobiles in past 12 months of 2010.

Uzavtosanoat and South Korea's Daewoo Motor created a joint venture - UzDaewoo Auto - on parity conditions with the charter capital of $200 million. In 1996, the venture launched car production plant with the cost of US$650 million in Asaka city of Andijan region. The capacity of the venture is 200,000 cars per year.

In May 2005, Uzavtosanoat purchased 50 percent 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 $266.7 million.

General Motors owns 25 percent shares and plus one share in the new venture and it can increase its share up to 40 percent. Currently, Uzavtosanoat possesses 75 percent shares in GM Uzbekistan. Association of European Businesses was founded in 1995 on the initiative of several European companies registered in the Russian Federation, Ambassadors of EU member states and the Head of the Delegation of the European Commission to the Russian Federation.

The mission of the AEB is to represent and promote the interests of its Members by supporting them in doing business with and in Russia through quality lobbying, information support, and through activities aimed at improving the Russian trade and business environment in conformity with internationally accepted business principles and promoting integration and partnership between the European Union (EU) and Russia.

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