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South Korean automaker Hyundai Motors has completed its acquisition of General Motors’ production facility in St Petersburg, Russia. 


According to media reports, the deal was made in early November for an undisclosed amount. After approval from Russia’s antitrust body, Hyundai now owns a 94.83pc stake in the plant. The factory can produce 100,000 new cars a year. Notably, Hyundai already operates a larger plant in the area with a capacity of producing 230,000 units annually. 


The plant was set up by GM in 2008 at a cost of $300mn and shut down in 2015 due to subdued demand. Hyundai is still working on its plan to restart production at the facility because of the uncertainties associated with the COVID-19 pandemic. In the year till November, the Korean company sold 181,706 units in Russia, with its subsidiary Kia Motors selling 146,890 units in the same period. The company’s sales are second only to Avtovaz, a local brand. 

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