Hyundai Motor Group (owner of the Hyundai and Kia brands) is considering a return to the Russian market, according to Korean agency News1.
According to sources, the company is closely monitoring the situation in the Russian market and is considering buying back its plant in St. Petersburg, where Hyundai Solaris cars were previously produced.
The sale of the plant was completed in January 2024. The deal included a two-year option to buy back the assets. Interest in the Russian market from the automotive industry is increasing due to the possible lifting of Western sanctions.
However, the agency emphasizes that it may be difficult for Korean brands to repeat their previous sales successes, given that Chinese automakers currently dominate in Russia.
SHOT, citing a source, reports that Hyundai fears American sanctions. It is claimed that the company is holding non-public negotiations regarding the resumption of operations.
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