RUSSIA: Hyundai to supply CV kits to Russian company
Hyundai has reached an agreement to supply Russian company, Rostovskiy Zavod Guzovih Avtomobiley (RZGA) with knock-down kits for commercial vehicles and buses, according to Reuters.
Hyundai has reached an agreement to supply Russian company, Rostovskiy Zavod Guzovih Avtomobiley (RZGA) with knock-down kits for commercial vehicles and buses, according to Reuters.
RZGA was founded recently as a sister company to TAGAZ, which already assembles Hyundai cars.
The deal is said to be worth US$2bn and equivalent to around 77,000 trucks and buses by 2010. RZGA will build a plant to assemble the kits with technology supplied by Hyundai, reported Reuters.
Hyundai is aiming to gain 15% of the Russian commercial vehicle market, up from around 3.4% this year.
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