Hyundai decided to sell the plant in Russia for ₽10 thousand

RBC: South Korean automaker Hyundai Motor has decided to sell the plant in St. Petersburg, whose work was suspended after the start of the military operation (Russia's invasion of Ukraine – TURAN note) in Ukraine, the company said in a statement.

Hyundai's board of directors at the meeting agreed on a plan to sell its stake in the plant. Negotiations on the deal are underway with the Russian Art Finance. This is the structure of the head of Avilon Andrey Pavlovich. In May, Avilon closed a deal to purchase the Russian assets of the German Volkswagen group. The statement notes that the company is finalizing a deal with Art Finance.

"Hyundai Motor will continue to provide after—sales service and other support to Hyundai customers in Russia," the automaker promised.

According to the South Korean publication Chosun, the value of the transaction amounted to 140 thousand won (about 10 thousand rubles). According to the newspaper, Hyundai is also selling the GM plant in St. Petersburg, which it bought in 2020.

The plant in St. Petersburg announced the suspension of work on March 1 last year. The reason was called a shortage of components due to interruptions in logistics. TASS, citing data from the city committee on Labor and employment, reported in November that 2.3 thousand out of 2.5 thousand employees of the enterprise were idle. At the end of last December, Vedomosti wrote that the plant had resumed work on the production of bodies for Hyundai Solaris cars. However, they are not intended for the Russian market, but for an assembly site in Kazakhstan.