Hyundai recently announced plans to sell its factory in Russia and is in the process of completing its withdrawal from the market.
In March 2022, Hyundai suspended operations at its plant near St. Petersburg and announced its intention to withdraw from Russia in protest of the country’s military campaign in Ukraine.
According to a press release, the South Korean automaker is currently finalizing procedures with Russia’s Art-Finance company to sell its entire stake in the plant, along with a preferential agreement to buy it back from Hyundai within two years.
As a result, the plant is said to be sold at a symbolic price of only 111 USD (about 2.7 million VND). Hyundai stated that the company suffered approximately 220 million USD (5.535 trillion VND) in losses by selling the factory at a “bargain” price.
After withdrawing from Russia, the South Korean automaker also committed to continue supporting Hyundai owners in Russia, while still providing after-sales services and customer care.
Hyundai is one of the popular car brands in Russia prior to the Russia-Ukraine conflict. Earlier this year, Volkswagen and Toyota also withdrew from the Russian market. Japanese automaker Nissan sold its assets in Russia in 2022, and French automaker Renault also transferred its assets in Russia.
These major car brands withdrew from the market due to pressure from the West and sanctions targeting Russia.
TH (Tuoitrethudo)
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