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Hyundai to build a car plant in Russia

South Korean carmaker Hyundai has signed a deal with the government to set up a production plant in Russia.

The auto producer will build a factory to make up to 100 thousand cars a year in Russia – an investment worth more than $ US 350 million.

While it hasn't decided on the exact location yet, Hyundai says the new factory will be near Moscow or St Petersburg.