Financial news

Hyundai Raises Money for Purchase a Factory in Leningrad Region

27 апреля 2009 г.

Hyundai laid the foundation stone in the basis of a factory in industrial zone Kamenka near St.-Petersburg in June, 2008. Investments into construction of a factory with industrial capacity of 100 thousand cars per year are estimated as 330 million euro.

At the enterprise it is planned to produce sedans of a C class with engines’ volume 1,4 litres or 1,6 litres. «We have visited several banks to discuss the factory financing. But nothing has been decided yet ", - unidentified representative of Hyundai has declared. It was initially planned to finish construction of the factory near Petersburg by year 2011.

However in January the financial director of the automobile concern Chung Tae-hwan informed about plans to suspend construction of the Russian enterprise in sight of the world financial crisis which had caused a sharp decrease of sales volumes.

Earlier in April Hyundai has already addressed to ten banks with the request to grant a loan of 250 million euro for maintenance of a factory in St. Petersburg. It is supposed, that banks will answer the given inquiry in May.

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