'General Motors Uzbekistan' Joint Venture Established

Tashkent, Uzbekistan – General Motors Corp. and UzAvtoSanoat have established a joint venture which will play a defining role both in the automotive industry of Uzbekistan and in the continued, rapid global growth of GM’s largest brand, Chevrolet. As announced at a press conference in Tashkent today, UzAvtoSanoat holds the majority stake in the new joint venture called General Motors Uzbekistan with GM holding 25 percent plus one share, with the option of increasing that share in the future.

"As a key element of our growth strategy, GM has moved aggressively in recent years to establish a leadership position in the world's fastest growing markets,” said Rick Wagoner, GM Chairman and CEO. “We are confident that General Motors Uzbekistan will make a strong contribution to the growth and development of the Uzbek auto industry and economy. The joint venture will also support GM and Chevrolet’s continued growth in Central and Eastern Europe.”

Mr. U. Rozukulov, Chairman of SC UzAvtoSanoat, said, “We are proud to be the first new member of the GM family in the company’s centenary year, bringing modern technology and training for our workforce, more employment opportunities, and more customer choice. The new joint venture gives us the opportunity to introduce high quality products, meeting international standards.”