Sold Hyundai Motor Russia Plant Renamed as 'AGR Automobile Plant'

The Hyundai Motor Russia plant, which was sold to a Russian company, has been renamed 'AGR Automobile Plant,' Interfax news agency reported on the 13th (local time).

Interfax confirmed this through corporate registration records. The plant's general director listed this name as Alexey Kalitchev, CEO of AGR Automobile Group. CEO Kalitchev has worked at Hyundai Motor Russia since 2010, serving as the sales director for Genesis, among other roles.

[Image source=Yonhap News]

Hyundai Motor began its push into the Russian market by completing the Saint Petersburg plant in 2010. However, after the outbreak of the war between Russia and Ukraine in February 2022 and the subsequent Western sanctions on Russia, the plant halted operations in March 2022 due to parts supply issues. Unable to operate the plant for about two years, Hyundai eventually sold the plant to the Russian company ArtFinance and withdrew from the Russian market.

AGR is a subsidiary of ArtFinance and is the new name of Volkswagen Russia, which ArtFinance acquired last year. Earlier, on the 26th of last month, AGR announced that ArtFinance had acquired 100% of the shares of Hyundai Motor Russia plant.

The terms of the sale were not disclosed. However, Hyundai reportedly sold the plant for 10,000 rubles (approximately 140,000 KRW) with a buyback clause allowing them to repurchase the plant within two years.

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