Hyundai Motor did not exercise its right to repurchase its former automobile plant in Russia, the company confirmed in a comment to RIA Novosti.
Earlier, the South Korean agency News1 reported that Hyundai Motor had been in talks with the Russian side, but did not exercise the repurchase option by the deadline of January 31. According to the publication, one of the key factors was the active presence of Chinese automakers in the Russian market. In particular, the former Hyundai Motor facility is currently assembling vehicles of the Jaecoo brand, which is part of the Chery group.
Recall that at the end of 2023, Hyundai Motor announced the sale of its automobile plant in St. Petersburg to the Russian OOO "Art-Finans", which is the parent structure of OOO "AGR". The deal was closed at the beginning of 2024. At the same time, the South Korean automaker officially stated that it would retain the right to repurchase the enterprise within two years from the date of sale.
Hyundai Motor's Russian legal entity is OOO "Khende Motor SNG". The company did not specify whether the possibility of returning to the Russian market in other formats is being considered.
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