Associated Press - November 7, 2008 9:54 AM ET
ST. PETERSBURG, Russia (AP) - General Motors Corp. has opened its first Russian assembly plant.
The $300 million, 70,000-car-a-year factory that was dedicated Friday just outside of St. Petersburg is a bright spot for the staggering automotive giant.
This plant is GM's first in Russia, where demand for cheap, well-built cars has exploded amid a decade-long economic boom.
GM already produces 100,000 cars a year through Russian joint ventures.
The St. Petersburg region has become a mecca for foreign car manufacturers. Ford and Toyota have opened plants there and Nissan, Hyundai and Suzuki will also be launching production soon.
GM is having 1 of the worst years in its history and is expected to release a gloomy third quarter earnings report on Friday.