Dec 22nd, 2007 by RJ Menezes
Korean auto manufacture Hyundai has been on the rise lately. Their cars are selling well and the brands is gaining a good momentum. To be able to meet the rising demand for it’s vehicles and to be able to have a better grasp of the European market, Hyundai is opening a plant in St. Petersburg, Russia.
The deal between the auto maker and the St. Petersburg city government is worth close to $400 million. The agreement was signed by Kim Dong-Jin, vice chairman of Hyundai Motor’s board of directors, and Valentina Matvienko, the city’s governor. The plant will be built in the industrial zone of Kamenka. Construction will begin on the Hyundai plant in June 2008. When completed, the plant will have an annual capacity of 100,000 vehicles.
An unnamed representative of Hyundai Motor said the new plant will produce an all-new lineup of C-segment cars. The cars will be specially adapted to the Russian auto market. “The model is a complete secret and has never been displayed by the company,” said the representative, who chose to remain anonymous.
This shows Hyundai’s commitment to become a global player and get out of the sidelines. With an investment that big we are sure to see some influences of this reach us here in the states. We’re just gonna have to wait ans see how exactly.