The Hyundai plant in St. Petersburg will be sold to a Russian company and the terms of the deal will include a buyback option, said the head of the Ministry of Industry and Trade, Denis Manturov, quoted by TASS.
According to the minister, the decision on the acquisition of the company has already been made. A buyer will be announced shortly.
Manturov explained that although the agreement will provide for a buyback option, it will be limited to a period of two years “taking into account the presidential decree.”
Hyundai’s St. Petersburg plant stopped producing cars in March 2022 due to logistical difficulties caused by sanctions. Since then, more than 2,000 of the company’s employees are idle. Before the sanctions and the crisis, the plant produced the Hyundai Solaris, Hyundai Creta, Kia Rio and Kia Rio X-Line models.
At the end of last year it became known that the Hyundai plant began assembling bodies for export to Kazakhstan. Experts later said that this step indicates the consortium’s plans to remain in Russia.
Author:
Natalia Gormaleva
Source: RB
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