| South Korean car manufacturer Hyundai Motor Company has officially announced its intentions to build a car plant in Russia, a company report said on Monday according to Itar-Tass. Investments in the project will make up 390 million dollars. Under company plans, the plant will produce 100,000 vehicles a year. Later, depending on the conjuncture of the market, Hyundai expects to expand the production. At the first stage, it will be producing C class vehicles, adapted for the Russian market. At the present moment, Hyundai is choosing the construction site in four Russian regions, keeping secret what these regions are, the Prime-Tass news agency reported. Last week, chairman of Hyundai Motor Co Chung Mong-gyu met with Russia’ s Minister for Economic Development and Trade Elvira Nabiullina and confirmed the company’s intention to build a plant in Russia. According to him, the company considers Russia as one of the key markets for its business. Hyundai Motor Company was set up in 1967, and has been presently transformed into the car manufacturing group Hyundai Kia, which brings together over 20 affiliates and branches connected with car production across the world. Hyundai vehicles are sold in 193 countries of the world in about 5,000 selling centers. Starting from April 2007, Hyundai Motor CIS is importer and distributor of Hyundai vehicles in Russia. It officially supplies to the Russian market such car models as Getz, Elantra, NF, Grandeur, Tucson, Koup, Santa Fe, Matrix and Verna. |
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