NEWS AND EVENTS
October 31, 2012
GM Uzbekistan plans to export half of its products
GM Uzbekistan, an Uzbek-US carmaker, is planning to increase its export volume up to 51.82% of its total production in 2013, representative of Uzavtosanoat said.
According to him, GM Uzbekistan plans to produce 274,000 automobiles in 2013 and export 142,000 cars (51.82% of total production) and realize 132,000 (48.13%) in internal market.
Uzavtosanoat’s representative said that GM Uzbekistan is planning to produce 235,000 automobiles in 2012. Some 117,500 cars or 50% of total production will be exported and other part will be realized within internal market.
In 2011, the Uzbek carmaker produced 222,000 automobiles, of which 108,000 were exported. Other part (114,000 units) were realized in internal market in Uzbekistan.
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. (Source: UzDaily.com)