GM Uzbekistan increases car production by 6 percent in 2010
Uzbekistan, Tashkent, Jan.20 / Trend, D.Azizov /
GM Uzbekistan, an Uzbek-US joint venture, increased production of automobiles by 6.2% year-on-year in 2010 to 217,733 cars, the State Statistics Committee of the republic said.
In particular, GM Uzbekistan decreased production of Nexia model by 3.9% to 87,100 units and Damas model by 11.6 percent to 20,900 units.
At the same time, production of Matiz models grew by 5.6 percent to 72,999 units. The enterprise produced 23,917 Lacetti model (+23.3 percent), 3,185 Epica model (2.9 times up) and 1,835 Captiva model (+67 percent) in 2010.
From late August 2010 to the end of the year, GM Uzbekistan produced 7,797 cars of Spark model.
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.
In 2009, GM Uzbekistan increased its car production by 5.1 percent compared to 2008.