US EditionHyundai Shifts Emerging Market Focus After Russia Plant Buyback Lapses
Hyundai sold its St. Petersburg plant for $97 in 2024 and forfeited the buyback amid Ukraine war impacts; Chinese brands have gained market share, Hyundai said.
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Hyundai Motor did not exercise option to buy back Russian auto factory
Hyundai Motor did not exercise option to buy back Russian auto factory South Korean automaker Hyundai Motor did not exercise the buyback option for its former manufacturing plant in Russia, the company said, amid the continuing war in Ukraine."Hyundai Motor continues to provide warranty repairs and customer care services for previously sold vehicles, and remains committed to maintaining these services going forward," Hyundai said in …
Hyundai decided not to recover its car factory in Russia by deciding not to exercise the unit recovery option in St. Petersburg until the end of January. It came to be the largest foreign manufacturer in that country. The confirmation emerged by its own South Korean builder in a communication mentioned by the Reuters agency. In any case, it ensured that it will maintain "guarantee guarantees and customer services" concerning the cars sold earlie…
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