Hyundai lays stepping stone to global expansion, starts construction of Russian Plant
Hyundai Motor Company, the largest automaker of South Korea, has commenced construction of its new plant in St. Petersburg. The plant, which will produce 100,000 units a year, is a stepping stone in the Hyundai’s ambitious plan of expansion in the CIS and Eastern Europe.
With an investment of 330 million euros, the plant will begin production for sales in January 2011. It would reach maximum capacity of 100,000 units by the end of the year. Hyundai Motor would initially focus on local market and produce small-to mid-size models, adding other models at the later stage depending on the local demand. Speaking at the plant’s groundbreaking ceremony, Byungkee Suh, Hyundai Motor’s Vice Chairman of Quality Assurance, proudly announced Hyundai Motor’s resolve to produce the best products to become No.1 automaker in Russia.
St. Petersburg is the ideal location for automobile industry. It has well-developed infrastructure, logistics and the population of educated workforce. The industrial area also enjoys government’s active support. This advance base for operations in Europe would complete Hyundai Motor’s ambitious plan of global expansion.
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