General Motors has announced that the company will suspend production at its at its St. Petersburg plant in Russia due to fall in Ruble value.
GM fully owns the St. Petersburg plant and has another joint-venture plant in Russia with Avtovaz OAO and Reuters cited GM spokesman in Europe confirming a report by the Russian daily newspaper Kommersant about the closing of the plant.
The source also mentioned that the car maker is planning to increase the prices for its vehicles sold in the country.
Previously, Nissan and its partner Renault took a similar step when it stopped taking orders for few models of cars in Russia due to fall in the value of Ruble.
The company also decided to raise prices for some of its models.
Volkswagen is also having a tough time in the country as the company's labor chief said that it has lost hundreds of millions of Euros in Russia due to the same problem.
