South Korea's Hyundai Motor on Tuesday initiated its first plant in Russia, joining a rush of foreign automakers to Saint Petersburg in spite of a sharp drop in sales during crisis-hit 2009.At the ribbon cutting ceremony, Prime Minister Vladimir Putin applauded Hyundai's 500-million-dollar (380-million-euro) investment in the Russian plant since the begin of its construction ahead of the crisis in 2008.
"This happened throughout the heat of the financial crisis, but Hyundai did not limit its plans, on the contrary," Putin said.
Hyundai said it expected to begin production in January 2011 and to reach an annual capacity of 105,000 units by the end of that year and 150,000 units in 2012.
Hyundai "plans to produce 5,300 jobs by 2012 in Saint Petersburg... and furthermore, add to the advancement of Russians automotive industry by developing and supporting local automotive parts manufacturers," company chairman Chung Mong-koo said in a statement.
Hyundai is the newest of a slew of foreign auto companies to start plants in Saint Petersburg in recent years, as well as Japan's Toyota, Nissan and Suzuki as well as US companies Ford and General Motors.
Russian car sales increased for the first time since October 2008 this summer, according to the Association of European Businesses (AEB), a lobby group that compiles monthly information.
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