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NEWS

GM Uzbekistan sells 79,479 cars in Russia in Jan-Oct 2011

21 November 2011

http://www.uzdaily.com of 11/21/2011 - GM Uzbekistan, an Uzbek-US carmaker, increased sales of automobiles in Russia by 30% year-on-year in January-October 2011 to 79,479 units, Automobile Manufacturers Committee of the Association of European Businesses said.

The committee said in its report that the venture sold 7,856 cars in October 2011, which grew by 18% year-on-year.

In January-October 2011, GM Uzbekistan realized 46,570 cars of Nexia model (+30%) and 32,909 units of small automobiles of Matiz model (+30%).

Sales of Nexia in Russian market soared from 4,029 units in October 2010 to 4,666 units in October 2011 (up 16% year-on-year) and Matiz - from 2,644 units to 3,190 (up 21% year-on-year).

According to the committee, GM Uzbekistan took the tenth place on the volume of car sales in Russia in January-October 2011. At the same time, Nexia was on the ninth place among the bestselling cars in Russia in the reporting period, while Matiz was on 16th place.

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.