Hyundai Motor on Monday said it would complete a $400m plant in Russia by 2009, continuing its expansion into what is the automaker’s fourth-largest car market by sales.
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The construction of the 100,000 unit-a-year automobile plant, Hyundai Motor’s sixth overseas facility, will begin in the first half of next year in Saint Petersburg, Dow Jones reported, after Hyundai Motor vice-chairman Kim Dong-Jin and Saint Petersburg governor Valentina Matviyenko signed a memorandum of intent to build the plant at Hyundai’s headquarters in Seoul earlier today.
Hyundai said Russia’s market is expected to grow to 2.85m vehicles in sales by 2008 and to 3.5m units by 2011, compared with 2m units in 2006.
