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Russia’s Anti-Monopoly Service has approved Hyundai‘s acquisition of a General Motors factory in St Petersburg.
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.
It was built in 2008 but closed in 2015 as part of GM’s decision to reduce its international operations.
Hyundai and partner Kia already have a factory in Russia with a manufacturing capacity of more than 200,000 vehicles per year.
The two carmakers sold more than 400,000 vehicles in Russia last year, more than Russian auto giant Avtovaz.
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