An official of the South Korean company announced this on Tuesday, writes Reuters. In the case of Hyundai it is therefore the last global car manufacturer to sell Russian assets after the outbreak of the war in Ukraine.
Hyundai Motor announced in a regulatory statement that it will receive a loss of 200.42 million euros from the sale of the plant. The plant’s activity has been suspended since March 2022.
The company said it plans to transfer its operations at the St. Petersburg plant to Russia’s Art-Finance and include a buyback option in the deal, adding that it expects to complete the deal by December 28.
With such a plan, Hyundai Motor is following in the footsteps of other major automakers, some of which have sold their assets in Russia for a nominal fee and added a buyback option that could one day enable a return.
In May, Volkswagen sold its Russian shares to Art-Finance, backed by car sales group Avilon.
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2023-12-19 14:45:00
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