Hyundai has introduced that it has bought its car manufacturing plant in Russia. The South Korean carmaker had stopped constructing automobiles on the St Petersburg plant in March 2022, shortly after the graduation of the Russia-Ukraine conflict. As per a report in Reuters, Hyundai has taken a success of USD 219.19 million (approx Rs 1,830 crore) on promoting the plant. 

This plant was constructing the Creta, the previous-gen Verna (Solaris) and the Kia Rio sedan. The new Verna is now completely inbuilt India for home and export markets.

In an announcement, Hyundai has stated that in a Board of Directors assembly, the plan to promote its total stake in Hyundai Motor Manufacturing Rus (HMMR LLC) to Art-Finance LLC was authorised. Hyundai is presently making the ultimate preparations with Art-Finance for particulars of the deal. The firm added that it’s going to proceed to supply aftersales providers and different buyer care companies to Hyundai automobile house owners within the nation.

With this choice taken, Hyundai joins a listing of different carmakers which are exiting the Russian market. These embody the likes of Volkswagen, Skoda, Stellantis, Suzuki, Toyota, Mercedes-Benz, Aston Martin, Audi, BMW, Renault, Nissan, Ferrari, Ford, General Motors, Honda, Mazda, Volvo and Porsche, amongst others.

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