NEWS AND EVENTS
February 4, 2011
GM Uzbekistan exports cars for US$475.3 million in 2010
GM Uzbekistan, an Uzbek-US carmaker, shipped products for US$475.3 million in 2010, which is up twice compared previously achieved figure.
The Uzbek carmaker exports its automobiles to Russia, Azerbaijan, Kazakhstan, Moldavia, Ukraine, Belarus, Georgia, Armenia, Turkmenistan and Afghanistan.
According to the Automobile Manufacturers Committee of the Association of European Businesses, GM Uzbekistan increased sales of cars in Russia by 45% year-on-year in 2010 to 74,419 automobiles in 2010. The company realized 51,414 cars in 2009.
Uzavtosanoat joint stock company said that GM Uzbekistan traded about 143,000 automobiles in Uzbekistan in 12 months of 2010.
As earlier reported, GM Uzbekistan increased production of automobiles by 6.2% year-on-year in 2010 to 217,733 cars.
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.