Network Security Internet Technology Development Database Servers Mobile Phone Android Software Apple Software Computer Software News IT Information

In addition to Weibo, there is also WeChat

Please pay attention

WeChat public account


Hyundai announced the sale of 10,000 rubles to its Russian factory, about 789 yuan

2024-07-21 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >


Shulou( Report--, 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 ( 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.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.

Views: 0

*The comments in the above article only represent the author's personal views and do not represent the views and positions of this website. If you have more insights, please feel free to contribute and share.

Share To

IT Information


© 2024 SLNews company. All rights reserved.