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May 25, 2014

GM Uzbekistan sells 17,370 cars in Russia in Jan-Apr

GM Uzbekistan, an Uzbek-US joint venture, decreased sales of automobiles in Russia by 14% year-on-year in January-April 2014 to 17,369 units, the Automobile Manufacturers Committee of the Association of European Businesses said.

According to the committee, the joint venture realized 4,511 automobiles in Russia in April 2014, which grew by 6% compared to April 2013. The committee did not publish data on sales of separate models, which are produced by GM Uzbekistan.

Share of GM Uzbekistan in Russian market fell from 2.3% in January-April 2013 to 2.1% in the same period of 2014, the committee said.

In the reporting period, GM Uzbekistan claimed the 14th place on sales of automobiles in Russia. None of the models of GM Uzbekistan entered to Top-25 bestsellers in the Russian market.

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.