Hyundai becomes second foreign carmaker to lose right to reclaim Russian assets
Hyundai Motor did not exercise its option to repurchase its former Russian factory by the January deadline, Reuters reported on Feb. 2, citing the South Korean automaker.
Hyundai and its affiliate, Kia, were once the largest foreign automakers in Russia, but both suspended operations in early 2022 in the wake of Russia's all-out invasion of Ukraine and international sanctions.
Reuters reported in December that Hyundai was unable to use the buyback option due to the ongoing war in Ukraine.
Major foreign brands such as Renault, Mercedes-Benz, Volkswagen, and Toyota have exited the Russian market since 2022, leaving Chinese carmakers to fill the gap.
In 2024, Hyundai sold its St. Petersburg plant to Russia's AGR Automotive Group for 140,000 won ($97). Vehicles produced at the factory have since been marketed under the Solaris brand, a name derived from a Hyundai model produced for the Russian market.
Despite forfeiting its buyback rights, the carmaker told Reuters it would continue to provide warranty repairs and customer care services for vehicles previously sold.
Mazda became the first foreign automaker to lose the right to buy back Russian assets in November 2025.
The Japanese company sold its 50% stake in a Vladivostok joint venture with its Russian partner, Sollers, in 2022 for a symbolic price of 1 euro.
