Korean auto giant divests of Russian operations amid sanctions fallout
The Hyundai plant in St. Petersburg, which has been idle since early 2022, will change hands
The Korean automaker Hyundai Motor Company has announced the sale of its Russian plant, where the company produced 200,000 cars a year before the start of Russia's full-scale aggression against Ukraine.
Hyundai's facilities located in St. Petersburg have been idle since early 2022.
The local LLC Art-Finance, one of the companies of the dealer holding Avilon will become the new owner of Hyundai Motor Manufacturing Rus. The same company bought the Russian business of Volkswagen in the spring of 2023.
The details of the agreement are still being discussed.