April 2, 2023

The South Korean automaker says it’s contemplating “numerous choices” for the Saint Petersburg manufacturing unit.

Hyundai Motor says it’s contemplating “numerous choices” for its suspended manufacturing unit in Russia, following a report that the South Korean automaker is discussing the plant’s sale to a Kazakhstan firm.

Hyundai, South Korea’s third-largest conglomerate, mentioned on Friday it had not determined the way forward for its Saint Petersburg facility following a information report that negotiations to promote the plant had been within the remaining levels.

The corporate added that it could make an announcement as soon as the matter had been determined, or no later than one month’s time.

South Korea’s Yonhap information company reported on Thursday that the native authorities in St Petersburg was in negotiations to promote the manufacturing unit to an auto-related firm in Astana, Kazakhstan.

Hyundai Motor suspended operations at its Russian manufacturing unit in March 2022, shortly after Russia invaded Ukraine, becoming a member of quite a few manufacturers which have paused their enterprise or exited the nation.

Hyundai made about 200,000 autos in Russia annually earlier than the invasion.

Hyundai and sister model Kia managed greater than one-quarter of Russia’s automobile market earlier than the struggle, rating second to France’s Renault.

The corporate mentioned in regulatory filings that it had bought no vehicles in Russia in August and September.

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