Source AP ©

Hyundai Motor plans building factory in Russia

Hyundai Motor Co., the world's sixth-largest automaker, said Friday it was studying whether to build a factory in Russia.

"We are considering about building a new plant in Russia, but we didn't make any decision," said Hyundai spokesman Ki Jin-ho.

South Korea's Maeil Business Newspaper reported Friday that the company would build a plant with a capacity of 100,000 vehicles a year at one of two potential sites in the country, quoting a high-level executive at the automaker it did not identify.

A full-fledged plant in Russia would add to overseas plants Hyundai already has in China, India, Turkey and the United States. The automaker is building another in the Czech Republic.

Hyundai currently produces vehicles with Russian partners TagAZ and Rostovskiy Zavod Gruzovih Avtomobiley on a so-called knockdown basis, meaning Hyundai exports parts for assembly in Russia, Ki said.

Ki said Hyundai sold 100,685 vehicles in Russia last year, with about half the total exports of already assembled vehicles and half manufactured in Russia on the knockdown basis.

Through August of this year, Hyundai has sold 80,477 vehicles in Russia, Ki said.