Hyundai sells its manufacturing facilities in Russia
Hyundai is finally leaving Russia (Getty Images)
South Korean automaker Hyundai Motor has approved a plan to sell assets in Russia, including the plant in St. Petersburg, which was halted in March 2022, according to the company.
Currently, Hyundai is finalizing the details of the deal with the Art-Finance company, according to Hyundai Motor.
"To support Hyundai vehicle owners in Russia, Hyundai will continue to provide after-sales services and other customer care businesses," the statement said.
The Art-Finance is known for previously acquiring Volkswagen assets in Russia.
Hyundai Motor
Hyundai Motor is the largest automaker in South Korea and one of the largest in the world. Besides automobiles, it manufactures trains, military equipment, industrial machinery, and provides financial services. The headquarters are located in Seoul. It is part of the Hyundai Motor Group conglomerate, established in 2000. In the Forbes Global 2000 list of the world's largest public companies for the year 2022, Hyundai Motor ranked 147th.
The Hyundai Motors plant in St. Petersburg was built in 2010 and produced 200,000 vehicles per year. The company later acquired the neighboring General Motors plant and expanded its production capacity to 300,000 units.
Practically all automakers have divested from subsidiaries and plants in Russia, usually at significantly reduced or symbolic prices, as conducting business became untenable after Russia's invasion of Ukraine in early 2022.
