GM Uzbekistan continues to reduce car sales in Russia
Tashkent, Uzbekistan, July 9
By Demir Azizov - Trend:
GM Uzbekistan (former UzDaewooAuto) sold in Russia in January-June 2015 some 10,357 cars, which is 57 percent less than in the same period of 2014, the Association of European Businesses (AEB) said.
In June, the plants sold in Russia 1,735 cars, which is 45 percent less than in June 2014.
In the first half year of 2015, GM Uzbekistan's share of products in the Russian market amounted to 1.3 percent versus 2 percent earlier in the same period of 2014.
In January-June, 6,688 cars were sold in Russia compared to 11,654 cars in the same period last year (42.6 percent decrease).
In 2014, GM Uzbekistan decreased the sales of cars in Russia by 38 percent compared with 2013 year - up to 37,695 units.
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 nine models of cars.
Car production at GM Uzbekistan on the results of 2014 increased by 0.1 percent - up to 245,700 cars.
Edited by CN