Hyundai has recently announced its plans to sell its factory in Russia and is currently completing its withdrawal from the market.
In March 2022, Hyundai halted operations at its plant near St. Petersburg and announced its decision to withdraw from Russia in protest of the country’s military campaign in Ukraine.
According to a press release, the South Korean automaker is in the final stages of its procedures with Russia’s Art-Finance company to sell its entire stake in the plant, along with a preferential agreement to repurchase it from Hyundai within two years.
As a result, the plant is reported to be sold at a symbolic price of only $111 (approximately 2.7 million VND). Hyundai stated that selling the factory at this “bargain” price resulted in losses of around $220 million (approximately 5.535 trillion VND).
Even after withdrawing from Russia, the South Korean automaker has committed to continuing its support for Hyundai owners in Russia, including after-sales services and customer care.
Hyundai was 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 decided to withdraw from the market due to pressure from the West and the sanctions imposed on Russia.
TH (Tuoitrethudo)
