October 3, 2008
Hyundai to Expand in Russia HOT STOCKS
Hyundai Motor, the South Korean carmaker, said it plans to make Russia a major production base, churning out 150,000 cars per year in the country from 2012.
Hyundai, the world's No. 5 auto maker along with its affiliate Kia Motors, will also develop Europe-tailored models to increase sales and profitability, chairman Chung Mong Koo said.
"High oil prices and the financial crisis have been denting the global automobile market, but we will keep plant operations in the Czech Republic and Slovakia stable and boost sales of strategic models, including Cee'd and i30," he told reporters.
Hyundai started building its St Petersburg plant in June and plans to begin production in January 2011. Hyundai already assembles cars in Russia at the Taganrog car plant in the south of the country under a license agreement.
Originally published by Reuters.
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