THE LENINGRAD REGION, Russia – South Korean autogiant Hyundai has opened an auto factory that boasts the first so-called ‘full cycle’ production of cars in the country. The annual output of the factory at the achievement of its projected production capacity is expected at about 150,000 units of Hyundai Solaris branded car that is specially adapted to the Russian conditions. The sum of money invested into the project totaled $500mln.
Russian Prime Minister Vladimir Putin, who was present at the official opening ceremony of the factory on the suburb of St. Petersburg, highly appreciated the work done by the Hyundai management and also thanked the local authorities and everyone involved in the realization of the project for making it a reality today. “This factory is the first full-cycle auto plant in Russia, from the presswork to the assemblage stage. This means the transfer of the latest auto technologies and a high technological level of culture of auto production to Russia.”
Besides, Putin also noted that such unprecedentedly deep level of localization of auto production means the creation of new hi-tech, highly prestigious and well-paid jobs in Russia. “This means a boost in tax payments at all levels over the next few years by over 30bln rubles.”
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