Hyundai Motor Group has not yet decided whether it will return to the Russian market through the repurchase of the car plant in St. Petersburg, according to a TASS source familiar with the situation.
According to him, the company has neither a positive nor a negative decision to date, and the timing of its appearance remains uncertain.
The Hyundai plant in St. Petersburg was sold at the end of 2023 to Art-Finance (AGR Group). The deal provided for a buyback option within two years, but the parties have not officially recorded a termination of the agreements. The agency's source notes that this indicates that the concern has postponed the final decision.
Hyundai suspended production in Russia in March 2022 due to disruptions in the supply of components. Before the conveyor was stopped, the company produced Hyundai Solaris, Creta, Kia Rio and Rio X-Line - some of the most popular models on the market.
Now the plant is operating under the control of the new owner, and the question of the Korean concern's return remains open.