South Korean car producer Hyundai Motor announced on Dec. 19 that it intends to sell its only Russian plant. The firm will dispose of the St. Petersburg-based factory for a symbolic sum of 7,000 rubles ($77.67), a Hyundai official told Reuters.
This adds the company to the list of major car producers leaving Russia following the full-scale invasion of Ukraine and a wave of sanctions, also including Mercedes-Benz, Volkswagen, Toyota, and others.
"Hyundai Motor Company today held a Board of Directors meeting, approving a plan to sell its entire stake in Hyundai Motor Manufacturing Rus (HMMR LLC) to Art-Finance LLC," the firm said in its statement.
"The operation of St. Petersburg-based HMMR has been suspended since March 2022."
In its regulatory filing, the company said it is bound to lose around $219 million by selling the plant.
A Hyundai Motor official cited by Reuters also said the South Korean firm would receive 10,000 rubles ($110.57) for the sale of all its assets in Russia.
In 2021, Hyundai and its affiliate Kia were the two most popular foreign car brands in Russia, topped only by the domestically produced Lada.
Krijn Schramade
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