Most Popular
-
1
5 days to US election, North Korea fires ICBM with longest flight yet
-
2
Controversial US YouTuber faces travel ban, police investigation
-
3
Thai K-pop fans’ online protest against Hybe intensifies
-
4
Looking for love, and drama? 'I am Solo' now casting foreign residents
-
5
Samsung vows to boost AI chip sales after earnings miss
-
6
N. Korea fires ballistic missile toward East Sea: JCS
-
7
Opposition accuses Yoon of favoritism, election meddling
-
8
Will 'APT.' revive Korean drinking games? We asked Korean drinkers
-
9
Group cancels scattering leaflets in NK amid security risks
-
10
Pyongyang to bolster readiness against nuclear retaliation: Choe
Hyundai Motor confirmed Tuesday it is seeking to acquire General Motors’ production facility in St. Petersburg, Russia.
“We are discussing acquisition of the plant with GM,” a Hyundai official said.
The South Korean carmaker has sought approval from the antitrust agency in Russia, an essential measure to take over the factory. The agency will decide on granting permission if it does not violate the law.
The St. Petersburg plant opened in 2008 with an investment of about $300 million by the US-based automaker. However, operations were suspended in 2015 in the wake of Russia’s economic slump.
Hyundai has run an automobile production plant in St. Petersburg with an annual production capacity of 230,000 units since 2011. It produces locally customized models such as Solaris, compact sport utility vehicle Creta and Kia Rio.
Alongside Hyundai, Belarusian-British automobile company Unison and Germany’s BMW are also reported to be interested in acquiring GM’s plants.
According to Russian media reports, Unison received permission from the antitrust agency last year, but negotiations have not progressed since then.
By Shin Ji-hye (shinjh@heraldcorp.com)
“We are discussing acquisition of the plant with GM,” a Hyundai official said.
The South Korean carmaker has sought approval from the antitrust agency in Russia, an essential measure to take over the factory. The agency will decide on granting permission if it does not violate the law.
The St. Petersburg plant opened in 2008 with an investment of about $300 million by the US-based automaker. However, operations were suspended in 2015 in the wake of Russia’s economic slump.
Hyundai has run an automobile production plant in St. Petersburg with an annual production capacity of 230,000 units since 2011. It produces locally customized models such as Solaris, compact sport utility vehicle Creta and Kia Rio.
Alongside Hyundai, Belarusian-British automobile company Unison and Germany’s BMW are also reported to be interested in acquiring GM’s plants.
According to Russian media reports, Unison received permission from the antitrust agency last year, but negotiations have not progressed since then.
By Shin Ji-hye (shinjh@heraldcorp.com)
![[Herald Review] ‘Amazon Bullseye,’ motley comedy of forced empathy, outdated wordplay](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2024/11/01/20241101050706_0.jpg&u=20241101194716)
