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Economy 15/08/2011 GM Uzbekistan produces 106,300 cars in 1H 2011
GM Uzbekistan produces 106,300 cars in 1H 2011
Tashkent, Uzbekistan (UzDaily.com) -- GM Uzbekistan, an Uzbek-US car producer, increased production of automobiles by 4.2% year-on-year to 106,300 in the first half of 2011, the State Statistics Committee of Uzbekistan said.

According to the committee, production of the specialized automobiles in Uzbekistan fell by 42.5% to 302 units.

In the reporting period, the country produced 322 cargo vehicles, which is 22.4% less compared to the same period of 2010, the committee added.

According to the official statistics, production of buses decreased by 36% to 401 units in the first six months of 2011.

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.

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