NEWS AND EVENTS
January 5, 2011
GM Uzbekistan trades 143,000 automobiles in internal market in 2010
GM Uzbekistan, an Uzbek-US carmaker, traded about 143,000 automobiles in Uzbekistan in 12 months of 2010, Uzavtosanoat joint stock company said on 31 December 2010.
The company said that Nexia became the leader of sales among locally made automobiles in 2010. The company traded over 45,000 cars of this model in Uzbekistan.
Matiz was the second popular model in Uzbekistan with over 44,000 cars. Damas was in the third place as GM Uzbekistan sold 23,000 units of this model.
Uzavtosanoat said that GM Uzbekistan traded 21,000 cars of Lacetti model in 2010. The volume of trades with Captiva and Epica cars made up over 1,500 and 2,500 cars respectively.
GM Uzbekistan realized 6,000 automobiles of Spark model from late August to December 2010. The enterprise started to trade Spark model from 26 August 2010.
Uzavtosanoat said that new product of Asaka-based plat attracted interest from foreign countries and it is receiving applications from export markets.
Currently, the Uzbek carmakers are trading their products in Russia, Azerbaijan, Kazakhstan, Moldova, Ukraine, Belarus, Georgia, Armenia, Turkmenistan and Afghanistan.
Uzavtosanoat and South Korea’s Daewoo Motor created a joint venture - UzDaewoo Auto - on parity conditions with the charter capital of US$200 million. In 1996, the venture launched car production plant with the cost of US$650 million in Asaka city of Andijan region. The capacity of the venture is 200,000 cars per year.
In May 2005, Uzavtosanoat purchased 50% shares of Daewoo Motor in UzDaewoo Auto for about US$110 million. General Motors and Uzavtosanoat completed process of creation of GM Uzbekistan on the base of UzDaewooAuto in the end of March 2008. The charter capital of new venture is US$266.7 million.
General Motors owns 25% shares and plus one share in the new venture and it can increase its share up to 40%. Currently, Uzavtosanoat possesses 75% shares in GM Uzbekistan.
GM Uzbekistan increased car output by 5.1% year-on-year in 2009. In 2009, the company produced 205,011 vehicles.
Total cost of the project is around US$124.455 million. GM Uzbekistan will produce 50,000 cars annually and part of which will be exported. The project was financed due to own resources of the venture’s founders and UzAvtoSanoat.