Representatives of General Motors Company in Korea and UzAvtoSanoat of Uzbekistan signed a Memorandum of Understanding (MOU) in Seoul, Korea, for their GM Uzbekistan joint venture to launch the production of a new small vehicle mainly destined for emerging markets.
The agreement will enable GM Uzbekistan, a joint venture between GM and UzAvtoSanoat in Asaka, Uzbekistan, to manufacture and sell a new small Chevrolet vehicle developed for the rapidly growing emerging markets in the region. GM Uzbekistan already manufactures and markets models such as the Chevrolet Matiz, Lacetti and Captiva.
The MOU will also enable Chevrolet to continue to grow its business in Uzbekistan, the Commonwealth of Independent States (CIS) and Russia.
GM Uzbekistan was established in March 2008, with GM holding a 25% stake and UzAvtoSanoat the remaining 75%. The joint venture has an annual production capacity of 250,000 units. Its vehicles are sold in Uzbekistan via GM’s sales operations and exported to numerous neighboring countries.