Hyundai Motor is after EUR250m (US$331.3m) to finance its new plant in Russia.
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“We visited some banks to discuss financing the Russsia plant. But nothing has been decided yet,” an unidentified official told Reuters on Monday.
Hyundai last February said it would postpone opening the new factory after Russian new car sales slumped.
The plant in St. Petersburg – Russia’s ‘Detroit’ is now scheduled to start producing a new subcompact designed specifically for Russia in 2011, rather than 2010, wuth annual capacity of 100,000 units.
New car sales in Russia plunged 40% year on year to 387,843 in the first quarter of 2009 and the Association of European Businesses has cut its full-year forecast to 1.7m from 1.9m, the report said.
In contrast 3.2m new cars were sold in 2008.
