Azernews.Az

By Aynur Karimova

GM Uzbekistan, an Uzbek-American joint venture, produced 119,412 cars in the first half of 2015, Uzavtosanoat has said.

Last year the JV produced 245,600 cars, some 55,200 of which were exported to foreign markets.

GM Uzbekistan sold some 10,357 cars in Russia in the reported period, which is 57 percent less than in the same period of 2014.

In the first half of the year, GM Uzbekistan’s share of products in the Russian market amounted to 1.3 percent versus 2 percent in the same period of 2014.

In 2014, GM Uzbekistan decreased its car sales in Russia by 38 percent (37,695 units) compared to 2013.

GM Uzbekistan JV, formerly known as UzDaewooAuto, was established in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.

In 2005, Uzbekistan acquired Daewoo’s shares in UzDaewooAuto. Then in 2007, Uzavtoprom and the U.S.-based General Motors signed an agreement to establish GM Uzbekistan with an authorized capital of $266.7 million.

General Motors owns a 25 percent plus one stake in GM Uzbekistan with the possibility of increasing total shares to 40 percent. At the moment, 75 percent of the shares belong to the Uzavtoprom.

GM Uzbekistan JV produces nine models of cars.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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