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. Last Updated: 07/27/2016

Hyundai to Supply $2Bln in Auto Parts

SEOUL, South Korea -- Hyundai Motor said Friday that it planned to export $2.1 billion worth of commercial vehicle parts to Russia by 2010, greatly increasing its market share in the country.

Hyundai will provide a total of 77,000 buses and trucks by 2010 on a knockdown basis, meaning the vehicles will be assembled in Russia at a new factory, Hyundai said in a statement.

Hyundai, South Korea's largest automaker, said it signed a contract with Rostovsky Zavod Gruzovikh Avtomobilei, or RZGA.

RZGA will make the entire investment in the plant, which will be located in Taganrog, 860 kilometers south of Moscow, where Hyundai already operates a plant for passenger vehicles manufactured on a similar basis, the statement said. According to the contract, RZGA will pay Hyundai $20 million for providing technology.

Last year, Hyundai sold 1,736 commercial vehicles in Russia, accounting for 0.9 percent of total commercial vehicle sales in the country.