South Korea's largest automaker Hyundai Motor Co will begin mass production of its compact passenger car, the Verna, in Russia next year, South Korea's Yonhap News Agency reported the company as saying Monday.
"The Verna to be produced at the Saint Petersburg plant will be a localized model that will be different from the ones sold in South Korea or in China," a company executive said.
The executive said the company currently plans to begin mass production in January, but that the schedule may be postponed due to the financial crisis sweeping across Europe.
The Hyundai factory being built in Saint Petersburg is expected to be completed in September and will have an annual production capacity of 100,000 units, Yonhap reported.
Hyundai Motor sold more than 74,000 vehicles last year in Russia despite a 51 per cent decrease in sales of imported cars in the country brought on by the global economic crisis, which sapped consumer demand.
News source: BERNAMA.COM
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Business news archive for 25 May' 2010.
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