Russian Minister of Industry: "Hyundai Motor Plant to Be Acquired by Russian Company... Conclusion Soon"

All Decisions Completed Regarding Hyundai Motor Acquisition

Russian news agency RIA Novosti reported on the 25th (local time) that Denis Manturov, Russia's Minister of Industry and Trade, said that a local company would acquire Hyundai Motor's factory in Russia.

Minister Manturov met with reporters at the Innoprom industrial exhibition in Kazakhstan on the same day and said, "All decisions regarding the acquisition of Hyundai have already been made," adding, "at least as much as the company itself has disclosed, a conclusion will be reached soon." He also explained, "The acquiring company will be a domestic (Russian) company." However, he did not disclose the name of the specific company.

Hyundai Motor Russia Factory Exterior / Photo by Hyundai Motor

Earlier, the industry expected that the Russian Ministry of Industry and Trade would conduct an evaluation this month of the 'localization plan for production at Hyundai's factory' proposed by the local automobile company Avtotor. Avtotor had proposed to Russian President Vladimir Putin in July a plan to produce gas engines at Hyundai's factory.

Hyundai Motor stopped production at its factory in Saint Petersburg, Russia, after Russia launched its special military operation in Ukraine last year. Although it had been popular enough to rank first in sales in the Russian market, the suspension of factory operations after the outbreak of the war increased the scale of business losses.

This content was produced with the assistance of AI translation services.