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Uzbekistan to launch production of Hyundai cars

22 November 2017 [17:50] - TODAY.AZ

By Azernews


By Kamila Aliyeva

Uzbekistan’s State Committee for Investments and South Korean company Evergreen Motors signed a memorandum of understanding on the organization of mass production of Hyundai cars in Uzbekistan.

This was announced by the press center covering the visit of Uzbek President Shavkat Mirziyoyev to the Republic of Korea on November 22.

The total cost of the project is $200 million. The parties did not announce which models will be produced in Uzbekistan.In addition, Evergreen Motors will launch production of forklifts, with a total value of over $50 million.

GM Uzbekistan, located in Andijan region, is the country’s main car manufacturer. In addition, a part of the plant’s production facilities is also located in the Khorezm region and Tashkent. The design capacity of the company currently reaches 250,000 cars per year.

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, GM Uzbekistan produces cars under ten brands: of them, five are sedans - Nexia, Cobalt, Lacetti, and Malibu, two subcompact models - Matiz and Spark, the Captiva SUV, the Orlando minivan, the Damas minivan and the Labo mini-truck.

On the domestic market of the country, GM Uzbekistan’s cars are sold under the Chevrolet brand. GM Uzbekistan products are sent for export under the Ravon trademark.

URL: http://www.today.az/news/regions/167079.html

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