Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
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
