GM Uzbekistan reduces car sales in Russia
By Aynur Karimova
GM Uzbekistan, an Uzbek-American joint venture, sold some 12,029 cars in Russia in January-July 2015, which is a staggering 55 percent less than the same period of 2014.
The Association of European Businesses reported that the plant sold 1,672 cars in Russia in July, a decline of roughly 41 percent from figures for July 2014.
In the first seven months of 2015, GM Uzbekistan’s share in the Russian market amounted to 1.3 percent versus 1.9 percent in the same period of 2014. The plant was ranked 20th in the volume of sales.
None of the models of GM Uzbekistan joint venture were included in the top 25 best-selling car brands in Russia for the reported period.
GM Uzbekistan produced 119,412 cars in the first half of 2015. Last year the JV produced 245,600 cars, some 55,200 of which were exported to foreign markets.
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 ten models of cars.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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