US EditionHyundai not in a position to buy back Russian auto factory: Report
Hyundai’s two-year buyback option for its St. Petersburg plant expires amid ongoing Ukraine war and Western sanctions, blocking its plan to restart operations, a source said.
- Hyundai is not in a position to repurchase its former manufacturing plant in Russia due to the continuing war in Ukraine.
- Hyundai sold its plant in St. Petersburg to Russia's AGR Automotive Group for a symbolic 140,000 won in 2024, including a two-year buyback option that expires in January.
- When Hyundai sold its Russian assets in 2024, it said it would take a 287-billion-won hit from the deal.
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15 Articles
Two after the sale of its factory to a Russian group, Hyundai will not buy back its factory, due to the ongoing war in Ukraine.
Exclusive: Hyundai not in a position to buy back Russian auto factory, source says
South Korean automaker Hyundai is not in a position to repurchase its former manufacturing plant in Russia due to the continuing war in Ukraine, a source familiar with the matter told Reuters, as a buyback option appears set to expire next month.
Hyundai abandons buyback option for former Russian plant
South Korean carmaker Hyundai has given up on the option to buy its former production facility in Russia, although the deadline to exercise that option expires as early as next month. The decision is directly related to the continuation of the war in Ukraine and the sanctions that the West continues to implement against Moscow, which leaves the company very little room for maneuver. Hyundai used to be, together with its subsidiary Kia, the large…
South Korean automaker Hyundai is currently unable to buy back its former plant in Russia due to the war in Ukraine
"This is not a situation where we can buy back shares," said a source familiar with internal matters at Hyundai, but asked for anonymity due to the sensitivity of the issue.
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