December 27, 2007. The Hyundai Motor Company selected St. Petersburg for as a site for their first manufacturing plants in Russia.

“Though we´ve performed well so far, our future prospects for growth in the Russian market depend on getting closer to our customers. This plant will allow us to better serve our customers and will ensure our success in one of the world´s most dynamic and fastest-growing economies,” said Chairman Chung Mong-Koo.

Construction of the St. Petersburg plant will start by June 2008. Hyundai plans to invest $400 million in building the plant which will produce over 100,000 cars annually once in full production

Toyota recently held groundbreaking ceremonies in St. Petersburg where they will start producing the Camry starting in 2008.