Hyundai Motor Group has completed the acquisition of General Motors’ St. Petersburg factory, according to reports.
Reuters reported that a Hyundai spokesperson told reporters that Hyundai has now completed the purchase and therefore now has two Russian manufacturing facilities.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The US carmaker completed construction of the St Petersburg US$300m St. Petersburg plant in 2008 but halted operations in 2015 after it decided to withdraw from Russia along with numerous other markets worldwide.
The Reuters report noted that the GM factory has a capacity of up to 100,000 cars per year, but closed in 2015 as part of GM’s decision to rationalise its international operations.
Hyundai already has a 240,000 units a year vehicle assembly plant in St Petersburg which makes the Accent based Solaris passenger car, the Creta crossover and Kia light commercials with total output exceeding 91,000 units in the first half of 2020.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
