South Korean Hyundai Motor is losing $219.19 million by selling its plant in St. Petersburg to the Russian company "Art-Finance." It has been idle since March 2022.
A company representative announced this data to the popular automotive publication "Automotive News Europe." "Art-Finance" is buying the auto giant's seventy percent stake in the enterprise's assets for a symbolic sum of seven thousand rubles. And in the new year, after the holidays, the plant will be brought out of idle status. The first information about this appeared in automotive Telegram channels from insiders, after which it was confirmed in the company's press service.
As it is known, from the remaining spare parts at the plant, it is possible to assemble another 10 thousand cars. If you bring the missing parts from China or Kazakhstan, it will be as many as 70 thousand cars.
However, Hyundai Motor is still not ready to say goodbye to Russia completely. The agreement plans to retain the option of buying back the assets, and all obligations for warranty and service maintenance of cars in Russia will be fulfilled.
Kia, which owned the remaining assets of the plant, has not yet spoken about the sale of its Russian assets.