TASHKENT, October 8 (RIA Novosti) - U.S. auto giant General Motors and Korean-Uzbek car manufacturer UzDaewooAvto have set up a joint venture to produce up to 250,000 Chevrolet cars a year in Uzbekistan, company officials said Monday.
General Motors will hold 25% plus one share in the new company, with an option to increase its stake in the JV to 40%.
Carl Peter Foster, president of GM-Europe, said Chevrolet has become the most rapidly growing brand in Europe, and now has particularly strong positions in the promising markets of Eastern Europe.
UzDaewooAvto was set up by South Korean carmaker Daewoo and the Uzbek government.
