Hyundai to complete transaction on acquisition of GM plant in St. Petersburg in the near future

The acquisition of General Motors stand-by plant in St. Petersburg by Korean Hyundai will shortly be completed. In early August, FAS of Russia approved the petition of Hyundai company in Russia - Hyundai Motor Manufacturing Rus - to acquire 94.83% of the main production assets of General Motors Auto Ltd. located in the Russian Federation, Prime agency reports.

In early 2019, the Belarusian car assembly company Unison also got approval from the Russian antimonopoly authority to acquire the plant, but the deal was never made. At different times, Uzbek Uzavtoprom and Volkswagen Group Rus were also interested in this plant, the agency's sources said. We should remind that Hyundai has its own plant for 220,000 vehicles per year in St. Petersburg. The enterprise manufactures the Hyundai Solaris, the Hyundai Creta, the KIA Rio and the KIA Rio X-Line.

In addition to the Russian market, Hyundai plant in St. Petersburg supplies all its models to Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Georgia, Armenia, Azerbaijan, Ukraine, Belarus and Moldova, as well as produces vehicle assembly kits for Hyundai and KIA vehicles assembly in Kazakhstan.