The South Korean automaker says it is considering “various options” for a plant in St. Petersburg.
Hyundai Motor said it was considering “various options” for its suspended plant in Russia after reports that the South Korean automaker was discussing selling a plant to a Kazakh company.
Hyundai, South Korea’s third-largest conglomerate, said Friday it has not yet made a decision about the future of its plant in St. Petersburg after news reports that talks to sell the plant were in the final stages.
The company added that it would make an announcement as soon as the issue was resolved, or at the latest in a month.
South Korean news agency Yonhap reported on Thursday that local authorities in St. Petersburg are in talks to sell a factory to a car company in Astana, Kazakhstan.
Hyundai Motor suspended operations at its Russian plant in March 2022, shortly after Russia invaded Ukraine, joining numerous brands that have suspended operations or fled the country.
Hyundai was producing about 200,000 vehicles in Russia every year before the invasion.
Before the war, Hyundai and its sister brand Kia controlled more than a quarter of the Russian car market, ranking second after France’s Renault.
The company said in regulatory documents that it did not sell cars in Russia in August and September.
Credit: www.aljazeera.com /