General Motors has set up a joint venture in Uzbekistan to produce and sell cars, the Uzbek state auto company told a news agency on Monday.
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Uzavtoprom told Reuters in a statement the two had signed an agreement to set up the venture, based on an existing car plant in Uzbekistan with annual production capacity of 250,000 [presumably GM Daewoo-sourced] Chevrolet cars.
The statement reportedly said GM would hold a 25% in the venture with a possibility to raise it to 40% but did not say how much the deal is worth.
Reuters noted that the plant in eastern Uzbekistan was set up in 1996 in partnership with now defunct Daewoo Motor and Uzavtoprom has been looking for a strategic partner in the project since the Korean firm went bankrupt during a financial crisis in the late 1990s.
Last month, GM’s rival Ford inked a deal with Romania’s government for a majority slice of a former Daewoo plant in that country.
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