Hyundai Motor Nearing Return to Russia?... Registers Trademarks Including Logo

Deadline Approaching for Repurchasing Russian Plant

As it has been confirmed that Hyundai Motor Company has registered several trademarks in Russia, there is growing interest in whether the company will return to the Russian market.

According to RIA Novosti, after checking the database of the Russian Federal Service for Intellectual Property (Rospatent), it was found that Hyundai Motor Company registered trademarks, including the Hyundai logo, starting this month and valid until 2034, the news agency reported on the 17th (local time).

The news agency explained, "Now Hyundai Motor Company is able to produce and sell automobiles and various auto parts in Russia."

Hyundai Motor Company has about one month left to exercise its right to repurchase the Russian plant it sold in December 2023. Although the contract terms were not disclosed at the time, it is known that Hyundai Motor Company sold the plant for 10,000 rubles (approximately 140,000 won at the time) with a buyback option allowing the company to repurchase the plant within two years.

Hyundai Motor Company entered the Russian market in 2010 by completing its plant in Saint Petersburg. Before its withdrawal, Hyundai Motor Company and Kia held a market share of over 20% in the Russian passenger car market, boasting both high local production capacity and strong brand recognition.

However, in February 2022, after Russia began its "special military operation" in Ukraine and Western sanctions were imposed, the company suspended plant operations from March of that year due to parts supply issues.

Currently, as Hyundai Motor Company and other Western companies have withdrawn from or drastically reduced their business in the Russian market, the gap has been filled by a large influx of low-cost Chinese vehicles. Russia's population is estimated at 146 million, and as of 2024, the country's annual new car sales are estimated to be between 1.55 million and 1.8 million units.

AGR Automotive Group, a subsidiary of Art Finance, has continued to produce vehicles under brands such as "Solaris," which were previously manufactured and sold by Hyundai Motor Company, at the plant acquired from Hyundai Motor Company.

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