South Korean automaker Hyundai Motor is reportedly holding negotiations on the possible acquisition of a General Motors plant in St. Petersburg.

The vice governor of the city, Evgeni Elin, told Russia's TASS news agency on Tuesday that negotiations are being held with Hyundai, adding that "at least they showed interest." 

The GM plant opened in 2008 in St. Petersburg, Russia's second largest city after Moscow. Investments into the project were estimated at 300 million dollars. 

St. Petersburg is also home to Toyota, Nissan and Hyundai production facilities. 

The city produced 376-thousand-700 cars in 2018, up eight and a half percent from the previous year. 

According to the city's committee on industrial policy and innovations, St. Petersburg’s share of car production in Russia totaled 23-point-eight percent last year.