South Korea's Hyundai Motor has announced in a statement the planned sale of its plant in St. Petersburg to the Russian company Art Finance. Hyundai Motor's interim board of directors has approved the deal, but final details of the contract are still being discussed.
According to a statement, at an interim board meeting on December 19, it was decided to sell a share of Hyundai Motor Manufacturing Russia's (HMMR) plant in St. Petersburg to Russian company Art Finance. So far, Hyundai representatives are negotiating with Art Finance regarding the specific terms of this deal.
However, it is reported that Hyundai intends to continue to provide service in Russia for already sold cars. It is recalled that the company's plant in Russia has stopped working since March last year due to the consequences of the Russian-Ukrainian conflict.
Recall that earlier Avtotor presented a prototype of its first electric car Amber.