GM Uzbekistan sells 54,633 cars in Russia in Jan-Nov
16/12/2013 13:16
GM Uzbekistan sells 54,633 cars in Russia in Jan-Nov
16/12/2013 13:16
Tashkent, Uzbekistan (UzDaily.com) -- GM Uzbekistan, an Uzbek-US joint venture, decreased sales of automobiles by 32% year-on-year in January-November 2013 –to 54,633 units, Automobile Manufacturers Committee of the Association of European Businesses said.
According to the committee, the enterprise cut sales of automobiles by 14% in November – from 6,570 units to 5,619 units.
Sales of Nexia fell by 46% year-on-year in January-November 2013 to 26,978 units and 59% in November to 1,784 units.
In the result of eleven months of 2013, GM Uzbekistan claimed the 14th place on sales of automobiles in Russia. Nexia was on 25th place of the bestselling cars in Russia in the reporting period.
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.
Association of European Businesses was founded in 1995 on the initiative of several European companies registered in the Russian Federation, Ambassadors of EU member states and the Head of the Delegation of the European Commission to the Russian Federation.
The mission of the AEB is to represent and promote the interests of its Members by supporting them in doing business with and in Russia through quality lobbying, information support, and through activities aimed at improving the Russian trade and business environment in conformity with internationally accepted business principles and promoting integration and partnership between the European Union (EU) and Russia.
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