A PYMNTS Company

Russian Regulator Backs Hyundai Purchase Of GM Plants

By  |  August 3, 2020

Russia’s Anti-Monopoly Service announced on Monday, August 3, it had approved Hyundai’s possible acquisition of a General Motors factory in St Petersburg, the Interfax news agency reported.

Hyundai’s Russian unit confirmed last month it was discussing the acquisition of the factory, but declined to provide further details.

Russia’s auto market has come under strain from the coronavirus crisis, which caused new car sales to plunge earlier this year.

The GM factory in Shushary in St Petersburg’s suburbs can manufacture up to 100,000 cars a year.

Full Content: Economic Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.