US EditionHyundai Motor to sell Russian plant, takes $219m hit
- Hyundai Motor plans to sell its plant in Russia to Art-Finance for a nominal 7,000 roubles , following other automakers in selling their Russian assets with buyback options.
- The sale will result in a 287 billion won loss for Hyundai Motor, as the plant's operations have been suspended since March 2022.
- Volkswagen previously sold its shares in Russian assets to Art-Finance in May, supported by Avilon autodealer group, following a similar approach.
29 Articles
29 Articles
Hyundai to take $219M hit on sale of Russian plant
SEOUL – South Korea’s Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 rubles ($77.67), a company official said on Tuesday, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a 287
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Hyundai Motor to Take $219 Million Hit on Sale of Russian Plant
Seoul — South Korea's Hyundai Motor plans to sell its plant in Russia for a nominal $77.67, a company official said on Tuesday, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a $219.19 million loss on selling the plant, in which operations have been suspended since March 2022. The company said it was seeking to transfer its assets in…
Hyundai Motor to sell Russian plant, takes $219m hit
South Korea's Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 roubles ($77.67), a company official said today, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine.
The production lines at the main plant have been at a standstill since last year, and South Korean carmaker Hyundai is now separating from its production in Russia. The price is symbolic, the buyer is no stranger.
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