Hyundai to sell its shuttered plant in Russia

Hyundai Motor Co held an extraordinary board meeting on December 19, 2023 and approved the sale of its stake in Hyundai Motor Manufacturing Russia (HMMR) in St. Petersburg, Russia.

The Russian plant has been shut down since March last year due to the Russia-Ukraine war. Currently, Hyundai is negotiating with Art-Finance, a local Russian company, over the specific terms of the contract related to the sale of its stake in the plant.

However, Hyundai Motor Company plans to continue operating after-sales service for previously sold vehicles in consideration of the local situation in Russia.

Hyundai opened the Russian plant on September 24, 2010. At the time, Hyundai Motor Manufacturing Russia was the Korean carmaker’s sixth overseas plant after the ones in the US, China, India, Turkey and the Czech Republic.

As per a Korea Bizwire report, Hyundai was once the third-largest seller of cars in Russia. The plant produced the Hyundai Solaris, Hyundai Creta, Kia Rio and Kia Rio X-Line models with an annual manufacturing capacity of over 200,000 units.