The South Korean auto holding Hyundai Motor Company on January 24 completed the sale of two of its factories in Russia to the local company Art-Finance, which previously also acquired the Russian Volkswagen plant. This is reported by the Russian edition of Forbes.
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< p>Under the terms of the agreement, Art-Finance became the owner of the Hyundai plant in Kamenka and the former GM plant in Shushary near St. Petersburg, which Hyundai bought in 2020. In the near future, they plan to rename the plants.
The Ministry of Finance wrote that in December 2023, Hyundai Motor announced its decision to sell the Russian business. The transaction price is unknown. However, then a company representative said that Hyundai would sell the Russian plant for a symbolic 7 thousand rubles ($77) with the right to repurchase.
In the report, Hyundai Motor stated that for the sale of the plant, which has not been operating since March 2022, the company suffers losses of $219.19 million.