Hyundai’s Russian Exit: A $97 Sale with Uncertain Future
Hyundai sold its St. Petersburg factory for a mere $97 in early 2024, but the automaker might not get it back now that Chinese firms are taking over Russia's car market.Key TakeawaysThe sale price of Hyundai’s Russian factory was only $97 with a two-year buyback clause.A Russian firm, AGR Automotive, now runs the facility and builds rebadged versions of former Hyundai and Kia models there.Hyundai hasn't decided whether to exercise its right to repurchase the plant before the January deadline.The Korean automaker once had a strong presence in Russia with over 20% market share. But after suspending operations at the St. Petersburg factory due to the Ukraine conflict, Hyundai sold it off for just $97, plus a two-year buyback clause that expires this January.Chinese carmakers are now stepping ...