Uzbek plant for production of auto engines suffers losses
Baku, Azerbaijan, Dec. 12
By Nigar Guliyeva – Trend:
General Motors Powertrain Uzbekistan JSC has faced a loss of more than 13.1 billion soums based on the results of its financial and economic activities for 2016, nuz.uz reported citing the company.
It was decided to write off 279.2 million soums at the expense of the company's reserve fund, and the remaining part - 12.9 billion soums to direct to the accumulated losses of the past years, the joint-stock company said.
The agreement on creation of a joint venture for production of power units - General Motors Powertrain Uzbekistan JSC was signed by JSC "Uzavtosanoat" with the corporation "General Motors" on Oct.28, 2008.
The company produces DOHC engines with a capacity of 1.2 and 1.5 liters, which are used for cars produced at the Asaka automobile plant, while a significant part of the produced automobile engines is exported to General Motors car plants in India, South Korea and other countries.
Previously, Uzavtosanoat JSC and GM Uzbekistan have agreed to create the GM Uzbekistan Alliance, which is a new cooperation platform that meets the needs of the Uzbek growing automotive industry, GM Uzbekistan reported.
Uzavtosanoat and GM will jointly develop the sale of Chevrolet and Ravon cars.