St Pete, Hyundai sign 16.6 bln rbl special investment contract

ST. PETERSBURG, Dec 25 (PRIME) -- St. Petersburg and South Korean car producer Hyundai’s Russian plant Hyundai Motor Manufacturing Rus, have signed a special investment contract, under which the plant will invest 16.6 billion rubles in expansion of production in the city, according to the information obtained by PRIME on Tuesday.

“The agreement that we are signing is of a significant importance for the city and for the company. This is a course to higher localization of production. Localization currently stands at 47%. They will launch production of engines and transmissions in St. Petersburg, and they plan to upgrade their production, renew the car model line, and create a research and development center,” acting Governor of St. Petersburg Alexander Beglov said at the signing ceremony.

“As far as I am aware, Hyundai will invest almost 16.6 billion rubles into development of the St. Petersburg plant (under the special investment contract).”

(68.4073 rubles – U.S. $1)

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