South Korean Hyundai Motor is losing $219.19 million by selling its St. Petersburg plant to the Russian company Art-Finance. It has been idle since March 2022.
A company representative shared this information with the popular automotive publication Automotive News Europe. Art-Finance is buying the auto giant's seventy percent stake in the company's assets for a symbolic sum of seven thousand rubles. And in the new year, after the holidays, the plant will resume operations. The first information about this appeared in automotive Telegram channels from insiders, after which it was confirmed by the company's press service.
As is known, another 10,000 cars can be assembled from the remaining spare parts at the plant. If the missing parts are brought from China or Kazakhstan, there will be as many as 70,000 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 announced the sale of its Russian assets.
