GM Uzbekistan increase car output in Jan-Sep
Tashkent (UzDaily.com) -- GM Uzbekistan, Uzbek car maker founded on the basis of UzDaewooAuto, increased car output by 8.5% year-on-year to 139,000 cars in January-September 2008, the State Statistics Committee said.
During the reporting period, the company produced 68,601 Nexia cars (+8.3%), 49,980 Matiz cars (+4.9%), 17,341 Damas cars (+12.1%), 1,636 Captive cars, 1,435 Epica cars and 15 Tacuma cars. The venture started to produce Captiva, Epica, Tacuma in October 2007.
Uzavtoprom and Daewoo Motor created UzDaewoo Auto on parity terms with the charter capital of US$200 million. The car plant worth US$650 million has been commissioned in 1996 in Asaka, Andijan region. The capacity of the plant is 200,000 cars per year.
UzAvtoSanoat (Uzbek Car Industry) purchased 50% shares of Daewoo Motor in the venture for US$110 million.
In October 2007, Uzavtosanoat and General Motors signed agreement on creation of GM Uzbekistan on the basis of UzDaewoo Auto. The sides completed creation process of GM Uzbekistan in the end of March 2008.
The charter capital of new venture set at US$266.7 million. General Motors holds 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.
UzDaewoo Auto increase car output by 22.7% year-on-year in 2007 to 171,809 cars, of which 109,500 were exported. It is expected that the plant will reach its design capacity this year.