GM Uzbekistan's car sales in Russia drop
Tashkent, Uzbekistan, Feb. 10
By Demir Azizov- Trend:
GM Uzbekistan, the former UzDaewooAuto, reduced the sale of cars in Russia by 37 percent up to 1,269 in January 2016 compared to January 2015, the Automobile Manufacturers Committee of the European Business Association said.
Russia is the main export market of GM Uzbekistan.
The share of GM Uzbekistan's cars on the Russian market amounted to 1.6 percent for the first month compared to 1.7 percent a year earlier.
Gentra model entered the list of 25 best-selling cars of the month (23rd place). Some 957 cars of this brand were sold in January compared to 967 cars sold in January 2015.
GM Uzbekistan reduced the sale of cars in Russia by 46 percent up to 20,451 in 2015 compared to 2014.
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.
Currently, GM Uzbekistan produces nine brands of cars.
GM Uzbekistan produced 245,700 cars in 2014 compared 246,031 cars in 2013 (a 0.13 percent decrease).