Hyundai Motor sells a plant in St. Petersburg to a Russian company for $100
Kyiv • UNN
Hyundai Motor sells its plant in St. Petersburg to the Russian company Art-Finance for a symbolic $100
The automaker Hyundai Motor has decided to sell its plant in St. Petersburg, Russia, for a symbolic price of about $100. This is reported by the company itself and the South Korean edition of Chosun, UNN reports.
Details
Today, the board of directors of the South Korean company Hyundai Motor approved a plan to sell its entire stake in Hyundai Motor Manufacturing to Russia. Negotiations are currently underway with the Russian company Art Finance, which is part of the Avilon car dealer, on the details of the deal.
The St. Petersburg plant has been shut down since March 2022.
Given the cost of maintaining an idle plant and concerns about its global reputation as a result of withdrawing from the Russian market, Hyundai sells the plant to the Russians for a symbolic price of just over $100 (140,000 won).
In addition, the company notes that "to support Hyundai car owners in Russia, Hyundai will continue to provide after-sales service and other customer services."
READ ALSO: Western companies that exited the Russian market have suffered $103 billion in losses - NYT .
