OREANDA-NEWS Hyundai Concern has indefinitely suspended the reconstruction project of the former General Motors plant in St. Petersburg, the Delovoy Peterburg newspaper reports citing a source, says the Gazeta.ru article.

According to the newspaper's interlocutors, it was planned to start the first stage of the investment project in the spring of this year - reconstruction of the existing shops of the plant. However, this work has not started and neither has the construction of the new buildings, which was planned earlier.

The South Korean car concern bought the former General Motors plant in Shushary in November 2020. It was reported that the new enterprise will be called KHMMR-2 and 36 billion rubles will be invested in its development. It was planned to produce Hyundai Tucson and Palisade, as well as Kia Sportage at the plant since 2023.

Concern Hyundai's plant in Sestroretsk has suspended work since March 1 because of lack of components. The plant was producing Hyundai Solaris and Creta, as well as Kia Rio and Rio X. Earlier, the Ministry of Industry and Trade predicted that car sales will halve by the end of 2022.