Azernews.Az

By Kamila Aliyeva

The number of cars sold by GM Uzbekistan in Russia amounted to 12,978 units in January-November 2017 showing an 889 percent increase compared to the same period last year, the Automobile Manufacturers Committee of the European Business Association reported.

This year, Uzbek cars under the Ravon brand show unprecedented sales dynamics in the Russian market. Only November registered a 336 percent increase in auto sales.

In November 2017, Russian consumers purchased 1,831 autos of GM Uzbekistan, while in the same period last year this figure was 420.

The statistics for the eleven month of the current year compared to the previous year show even more impressive results - 12,978 cars, while it was only 1,312 cars in 2016.

Russia is the main export market of GM Uzbekistan. The market share of the Uzbek automaker increased from 0.1 percent in 2016 up to 0.9 percent.

GM Uzbekistan, formerly known as UzDaewooAuto, was created in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.

In 2005, Uzbekistan acquired Daewoo's shares in UzDaewooAuto. In 2007, Uzavtoprom (Uzbek Association of Automotive Industry Enterprises) and the U.S.-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million.

General Motors owns 25 percent shares in the GM Uzbekistan plus one share with a possibility of increasing it to 40 percent. At the moment, 75 percent of the shares belong to the UzAvtosanoat.

Currently, 10 Chevrolet and Ravon car models are being produced at three production sites of the company.

In the coming years, the company intends to take a dominant role in the automobile market of Kazakhstan through an alliance with the Kazakh Allur Group of Companies JSC, and also to strengthen its position in the Russian market, including through the possible creation of an assembly plant near St. Petersburg.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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