The authorities of the Russian city of St. Petersburg are negotiating with the automaker Hyundai the establishment of car engine production there. This statement was made by the city’s Vice Governor, Igor Albin, at the MIPIM exhibition, RIA Novosti reports on Tuesday.
The range of released products will include combustion, hybrid, and diesel engines. “The investment contract is likely to be signed by the end of this year,” Mr. Albin emphasized.
He added that the authorities of St. Petersburg have already reserved 200 ha of land for the development of Hyundai production.
The Vice Governor noted that investments in similar projects are estimated at up to $500 million.
As a reference, in September 2010, Hyundai Motor Company has launched a car factory in St. Petersburg producing Hyundai Solaris, Kia Rio, Kia Rio X-Line, and Hyundai Creta.