ADVERTISEMENT

Hyundai to build car factory in northwest Russia

Automotive

According to Ria Novosti, South Korean auto giant Hyundai has signed a deal with St. Petersburg authorities to build a car factory in the northwest Russian city, a spokeswoman for the governor said on December 17.

Natalia Kutobayeva said the agreement was signed during an official visit by St. Petersburg governor Valentina Matviyenko to Seoul, but declined to give specifics on the deal. Earlier, authorities of the Leningrad Region, which surrounds Russia’s second largest city, said the South Korean company could select a site by the end of the year to build a $400 million factory with capacity of 100,000-200,000 cars per year. With rapidly rising purchasing power in Russia, foreign auto makers are seeking to expand their presence in the country. A number of foreign companies, including auto giants US-based Ford Motor Company, Germany’s Volkswagen, Japan’s Toyota, and France’s Renault have either opened or are building plants in Russia. (finchannel)

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Transformation Delineation - Microsoft country general manag... Podcasts

Transformation Delineation - Microsoft country general manag...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.