Automotive News Europe — 2023-12-19
Automotive Industry
Hyundai Motor plans to sell its plant in Russia for a token 7,000 rubles ($77.67), a company official said on Tuesday.
Hyundai also said in a regulatory filing that it will take a 287 bn won ($219.19 m) loss on selling the plant, which has suspended its operations since March, 2022.
The automaker said in a statement that it is currently making final arrangements with Russia's Art-Finance to agree a deal.
Like other Western automakers, Hyundai suspended operations at its Russian operation last year after sanctions were imposed on the country following its invasion of Ukraine.
Along with Renault, Hyundai and Kia were among top three selling brands in Russia before the invasion. As global players have pulled out, Chinese brands are replacing them.