Hyundai Motor has said it plans to build a factory in Russia, though the location of the plant and size of the investment remain undecided.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Hyundai Motor Chairman Chung Mong-koo disclosed the plan in a meeting with Russian government officials in Moscow on Friday, Hyundai spokesman Ki Jin-ho said, according to AP.
Chung said the factory would have an annual capacity of 100,000 vehicles.
The Russian plant would be Hyundai’s sixth overseas after those in the United States, China, India and Turkey while a fifth is under construction in the Czech Republic. Affiliate Kia has a factory in Slovakia, too.
Ki said Hyundai is the biggest seller of foreign vehicles in Russia. In October, Hyundai sold 16,489 vehicles, an increase of 92 percent from the same period last year.
The automaker sold 100,685 vehicles in Russia last year, with about half the total consisting of vehicles assembled in the country.
Hyundai had said last month that it was considering a factory in Russia. It currently ships CKD kits (mainly Accent and Sonata models) to TAGAZ in Rostov for assembly under licence.
