Hyundai decides to sell its facility in Russia
South Korean automotive company Hyundai has decided to sell its production facility in Russia.
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In a statement released by Hyundai, it was recalled that operations in Russia have been suspended since March 2022, and it was announced that a decision has been made to sell the production facility in the country.
"The company held a board meeting today and approved the plan to sell all its shares in Hyundai Motor Manufacturing Rus (HMMR LLC) in Russia to Art-Finance LLC," the statement said, noting that Hyundai is working on the final details of the agreement with Art-Finance.
Reuters had previously reported that Hyundai is expected to reduce its losses by approximately 219.2 million dollars by disposing of its production facility in Russia.