Hyundai sells its plant in Russia
The Russian company Art Finance has completed a deal to acquire all Russian assets of the South Korean car manufacturer Hyundai.
Source: Kremlin-aligned Russian news agency Kommersant, citing the press service of AGR Automotive Group
Details: The deal included the St Petersburg-based company Hyundai Motor Manufacturing Rus Limited Liability Company.
Art Finance, headed by the former president of the Avilon dealership holding, was registered in Moscow in February 2023. The company bought Volkswagen's Russian assets, including the Kaluga plant, in May of that year.
The purchase of the Russian Hyundai plant by Art Finance became public at the end of 2023. The deal was approved by Volkswagen's board of directors. The St Petersburg Hyundai plant resumed operations after two years of downtime on 9 January this year. The facility employs 800 people.
Background: In December, South Korea's Hyundai Motor Company approved a plan to sell its Russian plant, which had an annual production capacity of 200,000 cars at the start of Russia's full-scale invasion of Ukraine.
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