Uzavtosanoat, Sungwoo Hitech create JV producing automobile parts
Uzbekistan, Tashkent, April 19 / Trend, D.Azizov /
JSC Uzavtosanoat and South Korean Sungwoo Hitech Company have signed an agreement to create the joint venture UzSungwoo, producing welded parts for automobiles manufactured by GM Uzbekistan, a source in government told Trend.
According to the source, the JV was created on an equal footing with the announced authorized fund of $14 million in the city Fergana.
The enterprise's capacity will reach production of 35,000 complete sets of welded parts per year for new Spark models, manufactured by GM Uzbekistan.
The enterprise is scheduled to be put into operation in the third quarter of 2011. The total cost of funding for the project at the expense of JV founders is undisclosed.
In August of last year, GM Uzbekistan began commercial production of car class "A" - Chevrolet Spark. The annual design capacity of the production, worth $124.5 million, is 50,000 cars, including about 20,000 cars for export.