10:44 - 27.04.2023

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April 27, Fineko/abc.az. South Korean automaker Hyundai Motor intends to sell its plants in Russia to a Kazakh company and leave the Russian market.

ABC.AZ reports that the company is awaiting the decision of the Russian authorities.

The terms of the deal include a provision that Hyundai Motor can buy the assets back at any time. At that, the company itself did not confirm that the decision on the fate of the Russian production was made.

The value of the transaction for the sale of the two plants is still unknown. However, economic damage because of the scale of investments is inevitable.

Hyundai automobile plant in St. Petersburg stopped the production of cars in March 2022 due to difficulties with the supply of components. 2,206 factory workers out of 2,537 were idle. Prior to the cessation of production, the company produced models Hyundai Solaris, Hyundai Creta, Kia Rio and Kia Rio X-Line. The production capacity of the plant, launched in 2010, was more than 200,000 cars per year.