Uzbek-Korean JV commissioned in Uzbekistan

Business Materials 24 September 2012 18:41 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 24 / Trend D. Azizov /

Uzbek-Korean "Uz Auto-Austem" joint venture has put into operation a plant producing wheel rims and chassis worth $31.1 million for Spark, Lasetti and Cobalt cars, produced at GM Uzbekistan plant, a source in government circles told Trend on Monday.

It was previously reported that "Uz Auto-Austem" joint venture with an authorized capital of $8.6 million was established on a parity basis by "Uzavtosanoat" ("Uzavtoprom") and Korean Austem company in September 2011.

The design capacity is 1 million wheel rims and 125,000 chassis per year.

JSC Uzavtosanoat was founded in 2004. The company consists of more than 20 enterprises, including 16 joint ventures. In the enterprise's authorized capital 100 percent of the shares is owned by the state.

The major enterprises are JV GM Uzbekistan (formerly CJSC UZ-DAEWOOauto), JV GM Powertrain Uzbekistan (Tashkent region) for engine production, Samarkand automobile plant (JSC SamAuto Samarkand region), which manufactures buses and trucks, JV MAN Auto-Uzbekistan for manufacture of heavy vehicles.

JSC also includes companies specializing in output of spare parts for auto industry.

It was previously reported that GM Uzbekistan increased car production by 2.1 percent in 2011 up to 221,445 compared to 2010.