TASS.- Hyundai will localise the assembly of Hyundai Tucson, Hyundai Palisade and Kia Sportage models in Russia within the framework of a SPIC, as told by the Russian Ministry of Industry and Commerce. As reported previously, Hyundai will invest 36 billion rubles in the launch of production at the former General Motors plant in St Petersburg.
“A supplementary agreement with Hyundai Motor Manufacturing Rus proposes the inclusion of the new vehicles of Hyundai Tucson, Hyundai Palisade and KIA Sportage into the model range” – as stated by the Ministry of Industry and Commerce.
The conclusion of the supplementary agreement was approved at a meeting of the interdepartmental commission on the SPIC. The investment amount provided by the manufacturer will increase from 16 billion rubles to 52.8 billion rubles. The total liabilities, including the payments of taxes, fees, insurance premiums and customs duties will amount to at least 439 billion rubles.
As reported in November 2021, the company plans to launch new automobile models at the former plant of General Motors in St Petersburg by 2023.
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