GM Uzbekistan, GM’s joint venture Uzbek automaker Uzavtoprom, plans to launch serial production of a new city car model for the 2011 model year.

GM Uzbekistan will start producing the M300 car model (Chevy Matiz related), an Uzavtoprom official told the Prime-Tass news agency.

Investments in the project are planned at US$124.5m. The project will be financed by borrowed funds as well as Uzavtoprom’s own funds, it was reported.

Construction of a new assembly line at the plant is expected to start sometime in January-June of this year.

The plant is expected to annually produce 50,000 units of the new car model, including 20,000 units slated for exports.

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GM Uzbekistan was set up last year. GM holds 25% plus one share in the joint venture and has an option to increase its stake in the company to 40%. Uzavtoprom holds the remaining 75%.