Hyundai Motor's Russian Factory Sold at a Bargain... Signs of Restart Early Next Year

There is a prospect that Hyundai Motor's Russia plant, which was sold to a Russian company for 10,000 rubles (about 140,000 won) recently, could resume operations early next year.

On the 26th (local time), Interfax reported that Hyundai's plant in Saint Petersburg, Russia, is expected to come out of its shutdown status in January next year. A plant official said, "The shutdown period has not been extended into January."

Hyundai Motor Company Saint Petersburg Plant. [Image source=Yonhap News]

Earlier this month, Hyundai reported to the Saint Petersburg Employment Center that the plant shutdown period would be extended until the 31st of this month. Local media expected that operations at the plant would resume after the New Year holidays from January 1 to 8. There is no information yet on the products to be produced upon resumption.

Previously, on the 19th, Hyundai held an extraordinary board meeting and approved the sale of its stake in the Russia plant located in Saint Petersburg (Hyundai Motor Manufacturing Russia·HMMR). The General Motors (GM) Russia plant, acquired in 2020, was also sold together. Due to the prolonged war between Russia and Ukraine, operations have been suspended since March last year, causing uncontrollable losses. However, Hyundai attached a buyback option within two years, leaving room to re-enter the Russian market whenever the situation improves.

Considering the local situation in Russia, Hyundai decided to continue after-sales service (AS) for vehicles already sold.

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