South Korean automaker says it’s contemplating ‘varied choices’ for Saint Petersburg manufacturing facility.
Hyundai Motor says it’s contemplating “varied choices” for its suspended manufacturing facility in Russia, following a report that the South Korean automaker is discussing the plant’s sale to a Kazakhstan firm.
Hyundai, South Korea’s third-largest conglomerate, mentioned on Friday it had not determined the way forward for its Saint Petersburg facility following a information report that negotiations to promote the plant have been within the remaining phases.
The corporate added that it might make an announcement as soon as the matter had been determined, or no later than one month’s time.
South Korea’s Yonhap information company reported on Thursday that the native authorities in St Petersburg was in negotiations to promote the manufacturing facility to an auto-related firm in Astana, Kazakhstan.
Hyundai Motor suspended operations at its Russian manufacturing facility in March 2022, shortly after Russia invaded Ukraine, joining numerous brands that have paused their enterprise or exited the nation.
Hyundai made about 200,000 automobiles in Russia annually earlier than the invasion.
Hyundai and sister model Kia managed greater than one-quarter of Russia’s automobile market earlier than the warfare, rating second to France’s Renault.
The corporate mentioned in regulatory filings that it had offered no vehicles in Russia in August and September.