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Hyundai Motor Co. is withdrawing its operations from Russia, and it is finally leaving by selling its St. Petersburg production plant to AGR Automotive Group. The South Korean automaker is the latest vehicle manufacturer to pull out due to the prolonged war between Ukraine and Russia.
Hyundai Motor was also forced to take this step as its sales in the country continued to decline. According to The Korea Economic Daily, the company reached a sale deal with AGR Group, formerly the Volkswagen Group Rus.
The Russia-based firm will acquire Hyundai Motor’s factory, Hyundai Motor Manufacturing Rus (HMMR). This news was reported by Avtopotok Russian channel after getting details from unnamed local sources.
Then again, the exact agreed terms in the buyout, including financial details, are not immediately available, but sources said these will be officially announced by the end of September. The news of Hyundai’s sale of its plant and eventual exit from Russia comes after it was reported earlier that the company is currently reviewing all the options for its Russian business.
It was added that there are other bidders for acquiring Hyundai Motor’s plant. Other auto companies, such as Russia’s Avtotor and China’s Chery Automobile Corp., have placed their bids but were defeated by AGR.
Meanwhile, Hyundai Motor's sales in the country have significantly plummeted and come to a halt. The Association of European Business (AEB) shared the past weekend that the Korean company experienced its all-time low sales last month. The group revealed the firm only sold six vehicles in August, down by 99.9% as it was able to sell about 2,982 units in the previous year.
"Sales in Russia have discontinued for over a year since the Russian invasion because the St. Petersburg factory stopped operating," The Korea Times quoted an official of Hyundai as previously saying in a statement. "And there was almost no one the company could sell its cars to."
Photo by: The Punisher/Unsplash
