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Economy 24/01/2012 GM Uzbekistan sells 3,829 cars in Kazakhstan in 2011
GM Uzbekistan sells 3,829 cars in Kazakhstan in 2011
Tashkent, Uzbekistan (UzDaily.com) -- GM Uzbekistan, an Uzbek-US carmaker, sold some 3,829 automobiles in Kazakhstan in 2011, which grew by 67.5% year-on-year, Qncepto consulting company said in a statement.

Qncepto said that the market share of the company fell from 13% in 2010 to 10% in 2011 despite the growth of sales volume.

The report of Qncepto said that Nexia model claimed the third place among bestselling cars in Kazakhstan in 2011. In 2010, the model topped the list of bestselling cars in Kazakhstan.

Another model of the Uzbek carmaker Matiz lost four positions and now holds the eleventh place among the bestselling cars, Qncepto said.

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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