GM Uzbekistan JV sold 14,092 cars in Russia in January-March 2012, or 22.4 per cent less compared to the same period of 2011, the Automobile Manufacturers Committee of the Association of European Businesses said on Wednesday.
In particular, 8441 Nexia cars (a 21.9 per cent decline compared to the same period of 2011) and 5651 Matiz small cars (a 23.1per cent decrease) were sold in Russia in the first quarter.
In March, car sales of GM Uzbekistan decreased by 37.9 per cent amounting to 5,187, 3,146 of which accounted for Nexia (a 36.2 per cent decrease) and 2,041 Matiz (a 40.6 per cent decrease).
It was reported earlier that GM Uzbekistan sold 92,778 cars in Russia in 2011 which is 25 per cent more than the figure of the same period in 2010.
UzDaewooAuto was established in 1996 on a parity basis by the Uzbek government and South Korea's Daewoo Motor Company.
In 2005 Uzbekistan Daewoo bought shares in the joint venture. In 2007 Uzavtoprom and General Motors signed an agreement to establish a basis for the GM Uzbekistan plant with charter capital of $266.7 million. The American side owns 25 per cent of shares plus one share in the enterprise with the possibility of increasing it to 40 per cent. Currently, 75 per cent of the shares belong to Uzavtoprom.
At present, JV GM Uzbekistan produces eight models of cars, four of which are the Chevrolet - Captiva, Epica, Spark and Malibu. Other models are released within the full-scale production.
The company increased production by 2.1 per cent in 2011 to 221,445 cars compared to 2010.