Hyundai Motor has postponed the construction of its assembly plant in St Petersburg, according to media reports.
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Hyundai’s Chief Financial Officer Chung Tae-Hwan announced the suspension Thursday, citing falling demand for cars, according to Bloomberg.
Sales of Hyundai cars in Russia dropped 36% year-on-year in the fourth quarter to 33,330 units.
Hyundai started building the plant in 2008 and planned to finish construction in 2010.
Hyundai also recently announced that it was putting plans for a Brazilian plant on hold due to uncertainties over the global economic downturn.
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