ST. PETERSBURG, Oct 10 (PRIME) -- South Korean car producer Hyundai plans to launch a 12.7 billion ruble gasoline engine plant in the Russian city of St. Petersburg in October 2021, Oh Seung-hun, CEO of Hyundai WIA Rus, said late on Wednesday at a meeting with the city’s Deputy Governor Yevgeny Yelin.
“We plan to open a plant with a production capacity of 330,000 engines per year that would operate in three shifts. We plan production at the level of 233,000 engines, of which 20% will be exported. The launch of mass production is scheduled for October 2021. The plant will create more than 500 new jobs. Investment will stand at about 12.7 billion rubles,” he said.
A spokesperson for the government of St. Petersburg said that the plant’s construction is not included in a 16.6 billion ruble special investment contract signed with Hyundai in 2018, as the authorities are now discussing a special investment contract with Hyundai WIA, part of Hyundai group of companies.
(65.0976 rubles – U.S. $1)
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