The amount is symbolic – 10,000 rubles. But there is a possibility of buyback
As we already wrote, the South Korean company Hyundai Motor decided to sell its plant in St. Petersburg to the Russian company «Art-Finance», associated with the dealer «Avilon». It is «Art-Finance» previously acquired Volkswagen assets in Russia. According to Reuters, Hyundai plans to complete the sale of the plant in St. Petersburg by December 28. At the same time, the company included in the contract the possibility of repurchase within two years.
Today, December 19, the board of directors of a South Korean company approved a plan to sell a plant in Russia. A Hyundai Motor representative confirmed to Reuters that the company will receive a total of 10,000 rubles from the sale of all its Russian assets (this is the symbolic amount discussed in previous reports). Hyundai has officially stated that losses from the sale of the plant, whose operations have been suspended since March 2022, will amount to 287 billion won (about $219 million).