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Suzuki suspends project to build car plant in Russia - source


ST. PETERSBURG, June 4 (RIA Novosti) - Japanese carmaker Suzuki has suspended a project to build a plant near St. Petersburg, an unidentified Russian Economic Development Ministry official said on Thursday.

"The company has studied the market, its sales dynamics, and taken a decision to suspend the project, but not to drop it completely," the official said on the sidelines of the St. Petersburg Economic Forum, confirming earlier media reports.

The deal was signed with Russia's economics ministry and St. Petersburg authorities during the forum in 2007.

The plant was designed to produce 30,000 cars annually, with the possibility to increase it to 50,000 by 2012 and then to 100,000. Suzuki Grand Vitara and SX4 were to be the main models produced. Initial investment was assessed at 85 million euros ($120 million).

Analysts said Suzuki may have revised its plans as the models to be built would not be in great demand because of the crisis.

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