Uzbekistan: Daimler and Uzavtosanoat form bus JV
2010-05-08 Source：www.chinabuses.org
www.chinabuses.org: Daimler and Uzavtosanoat JSC have signed an agreement to set up a bus joint venture in Uzbekistan. The joint venture, Manufacturing Buses Central Asia, will assemble and sell coaches, intercity buses, city buses, and midibuses for the Uzbek market and export to neighbouring countries. The deal is expected to close in the third quarter of 2010.
Mercedes-Benz buses have been sold in Uzbekistan since 1994. The vehicles built under the new joint venture will be sold under the Mercedes-Benz brand.
“Local production will significantly improve the market opportunities for Daimler Buses in Uzbekistan and Central Asia. With Uzavtosanoat, we know that we have a strong, professional and reliable partner that knows the Central Asian markets inside out and has considerable experience in production and sales,” comments Hartmut Schick, head of Daimler Buses.
Daimler’s subsidiary Mercedes-Benz Buses Central Asia will own a 51% stake in the new joint venture, with the remaining 49% held by the automotive holding company Uzavtosanoat. The new company will have US$8m of equity capital.
Uzavtosanoat will provide the production facilities, while Daimler Buses will deliver the Mercedes-Benz chassis. The bodies will be built in collaboration with Mercedes-Benz' long-time body-building partner Manufacturing Commercial Vehicles (MCV). The venture will have capacity to build at least 600 buses a year under full-scale production, with scope for gradual growth. The first batch of vehicles will be delivered in September.
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