Hyundai Cuts Ties with Russia: A Profit-Driven Departure
Due to the ongoing war in Ukraine, Hyundai is unable to repurchase its former manufacturing plant in Russia, according to a source familiar with the internal deliberations. The automaker sold the plant in St. Petersburg in 2024 to AGR Automotive Group, including a buyback option set to expire in January. Although a final decision has not been made, the source cited the conflict as the primary reason for the situation, making a buyback impossible. This development mirrors a trend among foreign carmakers exiting the Russian market, with several other companies also facing expiring buyback options.
John Q. Hosedrinker