South Korean automaker Hyundai Motor has decided to sell its plant in St. Petersburg, production at which was suspended after the start of a special Russian military operation in Ukraine. This is stated in a company statement.
It states that the company’s board of directors at a meeting agreed on a plan to sell its stake in the plant. Negotiations on the sale are ongoing with the Russian company Art-Finance, which is part of the Avilon dealer structure. In May, it closed a deal to purchase Russian assets of the German concern Volkswagen. The statement notes that the company is finalizing the deal with Art-Finance, citing excerpts from RBC.
“Hyundai Motor will continue to provide after-sales service and other support to Hyundai customers in Russia,” the automaker noted.
Let us remind you: the plant in St. Petersburg announced the suspension of work on March 1, 2022. The reason given was a shortage of components due to logistics disruptions.
The plant was built in 2010. Hyundai Solaris, Hyundai Creta, Kia Rio cars came off the assembly line. The production volume exceeded 200 thousand cars per year.
September 25, Deputy Prime Minister – Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov on the sidelines of the industrial exhibition “Innoprom. Kazakhstan” announced that a Russian company will become the buyer of the Hyundai plant in St. Petersburg.
2023-12-19 08:52:00
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