Chat with us, powered by LiveChat
KoreaTech Today - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTech Today - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home Automobile

Hyundai Secures Ownership of General Motors Russian Auto Plant

 172 total views,  1 views today

James Jung by James Jung
PUBLISHED: December 22, 2020 UPDATED: December 24, 2020
in Automobile, Hyundai, Manufacturing
0
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.

Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.

South Korean automobile manufacturer Hyundai Motor Co. has settled the purchase of General Motors Company car plant in St. Petersburg, as announced in a statement by Hyundai spokesperson Yulia Tikhonravova released on Tuesday. 

Hyundai Motors reached a decision to buy General Motors’ auto plant after months of deliberation that stretched all the way back to 2019. The decision was not finalized until July of this year when the automaker company called for the approval of the deal from the Russian anti-trust body. 

Hyundai secures the full ownership of the assembly factory after acquiring a 94.83 percent stake in the manufacturing facility, negotiating the final price with GM, and completing other Russian government requirements. 

After finishing its construction in 2008, the GM vehicle production facility assembled models such as the Chevrolet Cruze, Opel Astra, and Chevrolet Trailblazer. The GM plant discontinued its production services after opting to withdraw from mainstream markets in Russia.

GM’s former site is set out to be Hyundai’s second manufacturing unit in St. Petersburg, teaming up with the first plant located in the city’s industrial zone, Kamenka. The Hyundai Kamenka factory, which has been manufacturing since 2011 in partnership with Kia, produces a variety of vehicular models including Solaris, Kia Rio subcompacts, and the Creta crossover.

Possible Scenarios of Utility

“We are working on possible scenarios to use this asset,” stated the head of Russia’s Hyundai division, Alexey Kalitsev. The auto plant from GM has a yearly production capacity of approximately 100,000 automobiles, while the Kamenka factory produces around 200,000 automobiles per year.

Although spokesperson Tikhonravova announced that the start of the production is still pending due to the pandemic, the newly purchased GM automotive factory is preparing to produce other crossovers such as the Hyundai Tucson. 

To aid the steady growth of its sales in Russia, the South Korean automaker also plans to boost the manufacture of the Creta, which is popular for its affordability. Hyundai together with Kia became the top-selling automotive manufacturer in the Russian market after selling more than 400,000 vehicles last year.

Check out other must-read articles from KoreaTechToday:

  • Hyundai Rotem Starts Operation of Hydrogen Extractor Factory This Month
  • Hyundai Motor obtains 80 percent stake of Boston Dynamics
  • Moon Visits Hyundai’s Ulsan Site, Pledges 20Tln Won in Future Mobility
  • Hyundai Motor Introduces New E-GMP Platform for Battery Electric Vehicle
What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: automobilecar manufacturingcar plantGeneral MotorsGmhyundaiRussia

Related Posts

Hyundai Motor Group launches AI-powered, autonomous robot ‘DAL-e’ for automated customer service and marketing assistance amid the COVID-19 pandemic. / photo courtesy of Hyundai Motor
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Hyundai

Hyundai Launches Humanoid Robot ‘DAL-e’ Automated Customer Service

January 26, 2021
South Korea announces that it would allocate KRW 1.1 trillion ($997 million) for development and commercialization of level-4 autonomous driving project.
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Automobile

Korea to allocate KRW 1.1T For Level-4 Autonomous Driving Technology

January 25, 2021
LG Innotek develops a digital car key module equipped with ultra-wide band and Bluetooth low energy module for increased levels of security and accuracy. / photo courtesy of LG Innotek
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Automobile

LG Innotek Successfully Develops High Security Digital Car Key

January 25, 2021
Kia Motors and Kakao Mobility signs a business agreement promoting the adoption and distribution of eco-friendly electric taxis. / photo courtesy of Kia Motors
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Automobile

Kia, Kakao Mobility Signs Partnership Promoting Electric Taxis

January 14, 2021
Hyundai Stops Diesel Engine Development, Unveils IONIQ 5 Teaser Images
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Automobile

Hyundai Stops Diesel Engine Development, Unveils IONIQ 5 Teaser Images

January 14, 2021
Hyundai Motor Co. revises its statement confirming their involvement with Apple’s production of self-driving electric vehicles. Apple's EV concept car. (Apple)
Hyundai Motor finalizes deal and secures 94.83 percent ownership of General Motors automobile manufacturing facility in the St. Petersburg, Russia.
Apple

Hyundai Revises Statement on Involvement with Apple Car Production

January 12, 2021

FREE NEWSLETTER

  • NAVER

  • Kakao

  • Nexon

  • Netmarble

  • Ncsoft

  • Samsung

  • Hyundai

  • SK

  • LG

  • KT

Trending posts

  • LG Chem Officially Launches LG Energy Solution Spinoff

     615 total views,  2 views today

  • LG Develops Autonomous Robot With UV Light for Disinfection

     470 total views,  3 views today

  • LG Uplus Exhibits 5G-Powered Autonomous Parking Technology in Seoul

     449 total views,  3 views today

  • LG to Start Electric Car Gear Joint Venture with Canada’s Magna

     345 total views,  3 views today

  • Hyundai Motor Introduces New E-GMP Platform for Battery Electric Vehicle

     439 total views,  5 views today

  • Samsung, LG Products Amass Innovation Awards for CES 2021

     510 total views,  4 views today

  • South Korea to Introduce a New Public Key Certification System

     397 total views,  5 views today

  • LG Energy Solutions Signs Lithium Supply Deal with Chile’s SQM

     353 total views,  3 views today

  • Motional, Lyft to Launch Driverless Robotaxi Service in U.S. by 2023

     353 total views,  4 views today

  • SK Telecom Collaborates With AWS to Launch 5G Edge Cloud Service

     371 total views,  5 views today

More from our network


  • ktd

  • atd

  • itd

  • ktt

  • kgd

  • kpp

  • ktp

  • kpoppost

  • ustechtimes
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2020 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy|Contact : press@koreatechtoday.com |

No Result
View All Result
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2020 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy|Contact : press@koreatechtoday.com |

Get the latest from the biggest tech companies in Korea straight to your email. Subscribe now!