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Hyundai buys GM’s automobile plant in Russia’s St. Petersburg

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The brand of Hyundai Motor is pictured on the second media day for the Shanghai auto present in Shanghai, China

South-Korean automaker Hyundai Motor has accomplished the acquisition of a Basic Motors manufacturing facility in Russia’s St. Petersburg, Hyundai spokeswoman Yulia Tikhonravova informed reporters at a web based convention on Tuesday.

The GM manufacturing facility with a capability of as much as 100,000 vehicles per yr was in-built Shushary within the suburbs of St. Petersburg in 2008 however closed in 2015 as a part of GM’s determination to cut back its worldwide operations.

The deal was closed in early November, Tikhonravova mentioned, including that it was too early to say when manufacturing would begin because of the pandemic.

“If we discuss in regards to the plant in Shushary – sure certainly, it’s our second plant, now we’re engaged on doable eventualities to make use of this asset,” mentioned Alexey Kalitsev, head of Russia’s Hyundai unit.

Hyundai and its accomplice Kia have already got a manufacturing facility in Russia with a producing capability of greater than 200,000 autos per yr. The 2 carmakers offered greater than 400,000 autos in Russia final yr.

The Affiliation of European Companies (AEB), which tracks gross sales of recent passenger vehicles and light-weight business autos in Russia, expects the nation’s automobile market to fall by 13.5% to 1.522 million autos this yr.

Based on Kalitsev, the market will decline by about 10% to 1.55-1.6 million vehicles in comparison with 2019, and Hyundai itself desires to promote 163,000 models.

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