May 29, 2023
Hyundai plant in St. Petersburg

Hyundai plant in St. Petersburg


Car manufacturer Hyundai Motor intends to sell its plants in Russia to companies in Kazakhstan and leave the Russian market. The South Korean company is waiting for the decision of the Russian authorities.

It is reported by the South Korean TV channel MBC. According to him, the terms of the deal contain a provision that Hyundai Motor reserves the right to buy back the assets at any time.

It is noted that the cost of the transaction for the sale of two plants in Russia is still unknown, transmits TASS on Thursday, April 27. But economic damage is inevitable, the channel suggests.

Nevertheless, Hyundai Motor Company does not confirm that the decision on the fate of production in the Russian Federation has already been made. Representatives of the company told the TV channel that “there are discussions about the sale.”

Hyundai car plant in St. Petersburg, which opened in 2010, suspended its work in the spring of 2022 due to difficulties with the supply of components. Its production capacity was more than 200 thousand cars annually.

In December, the media reported that the enterprise resumed work shops for stamping, welding and body painting for Hyundai sedans, known in the Russian Federation as Solaris. These finished bodies were intended for the Kazakhstani enterprise Hyundai Trans Kazakhstan. At the end of February 2023, the authorities of St. Petersburg announced that the city government was negotiating the sale of the Hyundai plant.

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