Hyundai Motor Co. (005380)’s plant in St. Petersburg, Russia’s second-biggest city, is running at full capacity and expects to produce 220,000 cars under the Hyundai Solaris and Kia Rio brands this year, said the plant’s senior director, Sipoyng Kim.
The company opened its plant in St. Petersburg in 2010 to supply the growing Russian car market with Hyundai and Kia models, investing about about $500 million. It produced about 139,000 cars in 2011, Kim said today at a press conference.
“Hyundai increased sales in 2012 by 15 percent, compared to 2011, to 173,000 cars, thanks to the locally made Solaris model,” said Denis Petrukhin, the head of the company’s Russia and CIS unit. He expects Hyundai to boost sales in 2013 as much as 5 percent, in line with forecasts for the local car market.
News source: BLOOMBERG L.P.
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Business news archive for 13 December' 2012.
Business news archive for December' 2012.
Business news archive for 2012 year.