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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor will sell its Russian plant to a local company, which has been shut down in the aftermath of the Russia-Ukraine war.
Hyundai Motor held an extraordinary board meeting on the 20th and announced that it approved the sale of its stake in the Russian plant (HMMR) in St. Petersburg, Russia. General Motors (GM) St. Petersburg plant, which was acquired in 2020, will also be sold.
The target of the sale is Art Finance, a Russian local company.
However, Hyundai Motor offered a 'buyback' condition to buy back the factory within two years of the sale. The estimated sale price is 10,000 rubles (about 140,000 won).
In other words, if the war between Russia and Ukraine, which led to the sale of the plant, is over, it will be able to enter Russia again and operate the plant.
Hyundai Motors plans to continue after-sales service (AS) for existing vehicles sold in consideration of the local situation in Russia.
Production at Hyundai Motor's Russian plant was 234,000 units as of 2021, just before the Russia-Ukraine war.
However, the plant was shut down in March that year after Russia's invasion of Ukraine and subsequent international sanctions made it difficult to supply auto parts in Russia.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
