GM Uzbekistan decreases car sales by 14 percent in Russia

Business Materials 14 May 2012 13:56 (UTC +04:00)

Uzbekistan, Tashkent, May 14 / Trend D.Azizov /

GM Uzbekistan JV sold 23,067 cars in Russia in January-April 2012, or 14 per cent less compared to the same period of 2011, the Automobile Manufacturers Committee of the Association of European Businesses said on Monday.

In particular in the first four months of the year, the company sold 13,644 Nexia cars and 9,423 Matiz cars. Also in April, the company sold 8,975 cars on the Russian market, or 3 percent more than the previous month, in particular 5,203 Nexia cars and 3,772 Matiz mini-cars.

It was reported previously that GM Uzbekistan sold 92,778 cars in Russia in 2011, or 25 per cent more than the figure of the same period in 2010.

UzDaewooAuto was established in 1996 on a parity basis by the Uzbek government and South Korea's Daewoo Motor Company.

In 2005 Uzbekistan Daewoo bought shares in the joint venture. In 2007 Uzavtoprom and General Motors signed an agreement to establish a basis for the GM Uzbekistan plant with charter capital of $266.7 million. The American side owns 25 per cent of shares plus one share in the enterprise, with the possibility of increasing it to 40 per cent. Currently, 75 per cent of the shares belong to Uzavtoprom.

At present, JV GM Uzbekistan produces eight models of cars, four of which are the Chevrolet - Captiva, Epica and Spark. As it was reported, in February the company started manufacturing a new car model - sedan Chevrolet Malibu.

The company increased production by 2.1 per cent in 2011 to 221,445 cars compared to 2010.