CTOnews.com, December 19 (Xinhua)-- Hyundai Motor today issued an announcement announcing the results of an interim board meeting, confirming a proposal to sell a stake in the Russian St. Petersburg plant (HMMR), and announcing that it would sell the General Motors St. Petersburg plant acquired in 2020.
Hyundai's board of directors approved the sale of its Russian factory to local company Art-Finance for 7000 roubles (CTOnews.com Note: currently about Rmb552).
Hyundai executives said the sale of all Russian assets would yield a total of 10000 roubles (currently about Rmb789) and was in the process of finalizing the deal with Art-Finance.
Hyundai's sale of the plant, which has been shut down since March 2022, will result in a loss of 287 billion won (currently about 1.573 billion yuan), according to regulatory documents. Hyundai Solaris, Hyundai Creta, Kia Rio and Kia Rio X-Line models have a production capacity of more than 200000 vehicles a year.
However, considering the possibility of follow-up, Hyundai has also attached a "buyback within two years" condition, leaving room for re-entry into the local market in the future.
According to public data, Hyundai Motor began to export products to Russia in the 1990s, and then set up a local subsidiary in 2007 and formally rooted in the local market.
Hyundai's St. Petersburg plant was completed in 2010 and went into production in 2011. After that, Hyundai launched a number of customized models that meet local needs and achieved good sales performance.
On that basis, Hyundai acquired GM's St. Petersburg plant in 2020, with an annual production capacity of 100000 vehicles. By the time the conflict between Russia and Ukraine broke out in 2021, the two Hyundai Russian factories had a total annual output of 234000 vehicles.
The company said it was seeking to transfer assets from its St. Petersburg plant to Russian company Art-Finance, including a buyback option, adding that it planned to close the deal by December 28.
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