Hyundai has also decided to shake off the production plant it owns in Russia. The Korean group has in fact announced that it plans to sell its St. Petersburg plant for a nominal sum of 7,000 rubles, the equivalent of approximately 77.67 dollars. Absolutely a figure symbolicwhich however allows Hyundai to become the latest car manufacturer to close its production in Russia after the outbreak of the war in Ukraine.
The details of the agreement
According to reports from Reuters, which cites a regulatory statement signed by Hyundai, the sale of the plant will result in a loss of 287 billion won, equal to approximately $219.19 million. Recall that local operations were suspended by the Korean giant in March last year. So who will be the new owner of the St. Petersburg plant? It seems that Hyundai is trying to transfer its local operations to Russian Art Finance: the agreement, which should include a buyback option in favor of the Korean group, will be completed according to Hyundai's forecasts by December 28th.
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