Economy, Auto

GM Starts Uzbek Line

GM Starts Uzbek LineGM Starts Uzbek Line

GM Uzbekistan, formerly UzDaewooAuto, started the production of third-generation Nexia cars, Uzbek Association of Automotive Industry Enterprises (Uzavtoprom) said. The new model is produced on the basis of T-250 (Chevrolet Aveo) platform. The cars will be sold under the Ravon Nexia R3 brand for export and under the Chevrolet Nexia brand in the local market, UZ Daily reports. Production of the T-250 car model line will cost $104.2 million. Production capacity of the new vehicle is expected to be 73,600 cars a 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 and the US-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million. General Motors owns 25% shares in GM Uzbekistan with a possibility of increasing it to 40%. At present, 75% of the shares belong to the Uzavtoprom, which is owned by the Uzbek government.