South Korea's Hyundai is in talks with a Kazakhstan company over the sale of its manufacturing plant in Russia, South Korean media reported on Thursday.
Many factories in Russia have suspended production and furloughed workers due to shortages of hi-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow invaded Ukraine last year.
The local government in St Petersburg has been negotiating with Kazakhstan to sell Hyundai's Russia plant, Yonhap news agency reported, citing a TASS report.
Yonhap reported negotiations to sell Hyundai's plant in St Petersburg to an auto-related company in Astana, Kazakhstan, are in the final stage, citing an unnamed source. The deal could be signed by June, it said.
Hyundai suspended operations at its Russian factory in March last year.
Hyundai was not immediately available for comment when contacted by Reuters.
Hyundai, which together with affiliate Kia is among the world's top 10 biggest carmakers by sales, builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity.
Hyundai in talks to sell Russia plant to Kazakhstan
Image: po6bi4 / 123rf
South Korea's Hyundai is in talks with a Kazakhstan company over the sale of its manufacturing plant in Russia, South Korean media reported on Thursday.
Many factories in Russia have suspended production and furloughed workers due to shortages of hi-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow invaded Ukraine last year.
The local government in St Petersburg has been negotiating with Kazakhstan to sell Hyundai's Russia plant, Yonhap news agency reported, citing a TASS report.
Yonhap reported negotiations to sell Hyundai's plant in St Petersburg to an auto-related company in Astana, Kazakhstan, are in the final stage, citing an unnamed source. The deal could be signed by June, it said.
Hyundai suspended operations at its Russian factory in March last year.
Hyundai was not immediately available for comment when contacted by Reuters.
Hyundai, which together with affiliate Kia is among the world's top 10 biggest carmakers by sales, builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity.
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