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Updated January 8th, 2024 at 12:18 IST

Hyundai sells its car manufacturing unit in Russia

Hyundai has taken a hit of $219.19 million (approx Rs 1,830 crore) on selling the plant.

Business Desk
Hyundai
Hyundai | Image:Hyundai
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Plant sell-off: Hyundai Motor Company announced that it has sold-off its car manufacturing plant in Russia. The South Korean carmaker had stopped building vehicles at the St Petersburg plant in March 2022, shortly after the commencement of the Russia-Ukraine war.

Hyundai has taken a hit of $219.19 million (approximately Rs 1,830 crore) on selling the plant.

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This plant was building the Creta, the previous-gen Verna (Solaris) and the Kia Rio sedan. The new Verna is now exclusively built in India for domestic and export markets.

In an official statement, Hyundai said in a board of directors meeting, the plan to sell its entire stake in Hyundai Motor Manufacturing Rus (HMMR LLC) to Art-Finance LLC was approved.

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Currently, Hyundai is making the final arrangements with Art-Finance for details of the deal.

The company added that it will continue to provide after sales services and other customer care businesses to Hyundai vehicle owners in the country.

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With this decision taken, Hyundai joins a list of other carmakers that are exiting the Russian market.

These include the likes of Volkswagen, Skoda, Stellantis, Suzuki, Toyota, Mercedes-Benz, Aston Martin, and Audi.

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(With Reuters Inputs)

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Published January 7th, 2024 at 19:26 IST

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