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Economy 31/01/2010 GM Uzbekistan sells 160,000 cars in internal market
GM Uzbekistan sells 160,000 cars in internal market
Tashkent, Uzbekistan (UzDaily.com) -- Population of Uzbekistan purchased 160,000 automobiles of local production in 2009 compared to 80,000 in 2009, Uzbek TV’s Akhborot news programme reported on 30 January.

GM Uzbekistan is only producer of passenger cars in Uzbekistan. 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.

GM Uzbekistan increased car production by 4.2% year-on-year in January-November 2009 to 184,572 units. According to Automobile Producers of the European Business Association, GM Uzbekistan’s cars entered to the Top-10 the most sold foreign cars in Russia in 2009.

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