WionDrive News Desk 
Amid the ongoing geopolitical shifts and challenges in the automotive industry, South Korea’s Hyundai Motor has announced its intention to sell its plant in Russia for a symbolic 7,000 roubles. This decision follows the lead of other global automakers divesting Russian assets in the wake of the Ukraine conflict.
Hyundai Motor detailed the sale in a regulatory filing, acknowledging a substantial loss of 287 billion won related to the disposal of the St. Petersburg plant, where operations have remained suspended since March 2022.
The company revealed its plan to transfer assets to Russia’s Art-Finance while incorporating a buyback option in the agreement. The completion of the deal is expected by December 28, marking a significant move in the company’s global strategy.
Hyundai Motor’s decision aligns with the trend observed among major automakers, some of which have opted to sell their Russian assets for nominal fees while including buyback options. This strategic manoeuvre provides flexibility and the potential for a return to the Russian market in the future.
Notably, in May, Volkswagen executed a similar strategy by selling its shares in Russian assets to Art-Finance, a move supported by the auto dealer group Avilon. This pattern underscores a broader industry realignment as companies navigate geopolitical challenges and reassess their global manufacturing and operational footprints.
