HYUNDAI MOTOR TO SELL RUSSIAN PLANT FOR NOMINAL SUM – Company takes $219 mln hit
South Korea’s Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 roubles that’s only just over $77, a company official said, making it the latest global automaker to sell Russian assets since the outbreak of the conflict in Ukraine.
Hyundai Motor, in a regulatory filing, said it would take 287 billion won that’s a $219.19 million loss on selling the plant, in which operations have been suspended since March 2022.
The company said it was seeking to transfer its assets in the plant in St. Petersburg to Russia’s Art-Finance and include a buyback option in the deal.
Hyundai Motor is following the path of some other major automakers, most of which sold their assets in Russia for a nominal fee and included buyback options that could one day allow them to return.
In May, Volkswagen sold its shares in its Russian assets to Art-Finance, which is supported by the auto dealer group Avilon.
