Tashkent, Uzbekistan, Aug. 13
By Demir Azizov - Trend:
GM Uzbekistan (former UzDaewooAuto) sold some 12,029 cars in Russia in January-July 2015, which is 55 percent less than in the same period of 2014, the Association of European Businesses (AEB) said.
The plant sold 1,672 cars in Russia in July, which is 41 percent less than in July 2014.
As of seven months of 2015, GM Uzbekistan's share on the Russian market amounted to 1.3 percent versus 1.9 percent in the same period of 2014. The plant ranked 20th in sale volumes.
None of the models of GM Uzbekistan joint venture in the reporting period was included in the top 25 best-selling car brands in Russia.
GM Uzbekistan, formerly known as UzDaewooAuto, was created in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.
In 2005, Uzbekistan acquired Daewoo's shares in UzDaewooAuto. In 2007, Uzavtoprom (Uzbek Association of Automotive Industry Enterprises) and the U.S.-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million.
General Motors owns 25 percent shares in the GM Uzbekistan plus one share with a possibility of increasing it to 40 percent. At the moment, 75 percent of the shares belong to the Uzavtoprom.
At present, GM Uzbekistan JV produces 10 models of cars.
Edited by CN