Hyundai Motor to sell plant in St Petersburg to Art-Finance

SEOUL, Dec 19 (PRIME) -- The interim board of directors of South Korean car producer Hyundai Motor has approved a decision to sell its plant in St. Petersburg to Russian company Art-Finance, Hyundai Motor said in a statement on Tuesday.

Hyundai is currently in negotiations on the sale of the Hyundai Motor Manufacturing Russia plant to Art-Finance. The plant has been in downtime since March 2022 because of the conflict in Ukraine. Hyundai also plans to continue providing services in Russia for the previously sold cars even after the sale of the plant, the company said.

Other details of the deal were not disclosed.

In May, German car producer Volkswagen sold its Russian assets including a plant in Kaluga to Art-Finance affiliated with President of car dealer Avilon Andrei Pavlovich for 125 million euros without a buyback option. The Industry and Trade Ministry said later that it would support Art-Finance so that the Kaluga plant is relaunched as soon as possible.

End