Hyundai Divests Manufacturing Facilities In Russia, Reportedly Takes $219M Loss On Strategic Sale

by Lekha Gupta Benzinga Editor

Hyundai Motor plans to sell its Russian plant stake for a symbolic amount, reportedly facing a $219.19 million loss.
After divesting, Hyundai intends to maintain after-sales services for vehicle owners in Russia.
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Hyundai Motor Co HYMTF plans to sell its entire stake in its plant in Russia to Art-Finance LLC.

The South Korean automaker is aiming to sell its plant for a token 7,000 roubles ($77.67), as per Reuters.

Hyundai Motor stated that it is currently making final arrangements with Art-Finance for details of the deal.

Also, the automaker disclosed a loss of 287 billion won ($219.19 million) on the sale of the plant, as per the report.

The operation of St. Petersburg-based HMMR has been suspended since March 2022.

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