An acquisition agreement has been concluded by Hyundai Motor, a South Korean car manufacturer. Hyundai Motor has bought a General Motors plant in St. Petersburg. Petersburg Russia.
A GM plant with a capacity of up to 100,000 cars per year was built in Shushary on the outskirts of St. town. Petersburg in 2008 but closed in 2015 as part of GM’s decision to reduce its international operations.
Hyundai spokesman Yulia Tikhonravova said the deal was signed in early November. But it is too early to say when production will start due to the pandemic.
“If we talk about the plant in Shushary, yes indeed, this is our second factory, now we are working on possible scenarios to use this asset,” said Alexey Kalitsev, head of Hyundai Russia’s unit. 2020).
Hyundai and its partner Kia already have a factory in Russia. Its production capacity is more than 200,000 vehicles per year. The two automakers sold more than 400,000 vehicles in Russia last year.
The European Business Association (AEB), which tracks sales of new passenger cars and light commercial vehicles in Russia. It forecasts the country’s auto market will fall 13.5 percent to 1.522 million vehicles this year.
According to Kalitsev, the market will drop by about 10 percent. It will be 1.55 million – 1.6 million cars compared to 2019 and Hyundai itself wants to sell 163,000 units.
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