An employee works at a Hyundai Motor plant in Jeonju, about 250 km (155 miles) south of Seoul.
Photo: Reuters
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Hyundai to Construct $400mln Carmaker in St. Petersburg
South Korean Hyundai Motor Co. will construct a carmaker in St. Petersburg. The city’s governor Valentina Matvienko and Hyundai management signed the respective agreement on Monday, December 17. The project budget stands at roughly $400 million, people in the vice-governor’s press service told RBC.
The models that the future carmaker will assemble in St. Petersburg haven’t been disclosed yet. The plant will have the annual capacity of 100,000 cars and the area of 50 hectares has been allocated for its construction in Kamenka industrial zone. According to Reuters, the construction could be launched already in the first half of 2008.
Hyundai Motor Co. voiced its plans to construct facilities in St. Petersburg in the middle of November, when the investment potential of the Leningrad region was presented to Korean delegation. Then, the Koreans said they would execute two projects in the country. The second one provides for building a cluster of enterprises to make car spares. This project calls for additional investments of roughly $300 million.
Hyundai Motor Co. will be the fifth carmaker that decided to settle ashore of the Neva River. The launch of Toyota plant in St. Petersburg is slated for December 21, the plants of General Motors and Nissan will be set into motion in 2008 and Suzuki maker will become operational in 2009. What’s more, Japan’s Mitsubishi Motors Corp. has pledged to unveil its Russia’s plans in the near term.
Hyundai Motor Co. is the world sixth carmaker. Its 2006 sales in Russia reached 100,685 cars; a half of the number was of Russia’s assembly.
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