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Hyundai Motor Group is selling its plant in Russia, which has been suspended since the war in Ukraine escalated. The South Korean carmaker said on Tuesday, Dec. 19, that it made the decision to sell all of its shares in its vehicle production facility in the country.
Huge Loss for Hyundai Motor
The Hyundai Motor factory being sold is currently not in operation. It was temporarily shut down since March 2022 due to Russia’s attack with the intent of invading Ukraine.
With the sale, the company is set to take a $219 million hit since the sale price is only 7,000 roubles or about $77.67, as per Reuters. The company confirmed through its recent regulatory filing that it is set to take a loss of KRW287 billion for selling its Russian plant.
The Korean firm further said in a statement that it is currently making final arrangements with Art-Finance, a Moscow-based automotive services company. The parties are in discussion to agree on a deal that will put an end to Hyundai Motor’s decade-long production in the region.
Approval of the Hyundai’s Sale Plan for Its Russian Auto Factory
According to The Korea Herald, Hyundai Motor’s board of directors has already given the “Go ahead” signal to sell the company’s Hyundai Motor Manufacturing Rus (HMMR LLC) facility in St. Petersburg. While the automaker shared it is negotiating with Art-Finance for the sale, it did not mention any other details about the deal. It added that it plans to continue providing after-sales service for Hyundai vehicles in the territory.
“Hyundai is currently making final arrangements with Art-Finance for details of the deal,” Hyundai Motor said in a short press release. “To support Hyundai vehicle owners in Russia, Hyundai will continue to provide after-sales services and other customer care businesses.”
