All around St. Petersburg, the world's major automakers are putting up factories. Hyundai Motor Co. will start building a plant next month, Nissan Motor Co. expects to open a $200 million factory next year, and Ford is expanding its $230 million plant for the third time in six years.
Fueled by a surge in oil prices, Russia has turned into the hottest of the hot emerging markets -- countries where automakers that can supply the right models earn a lot of money, particularly in the early stages of the boom when demand is outstripping supply.