Russian company Art-Finance said on Friday it has finalised the purchase of Hyundai's plants in St Petersburg, making the South Korean firm the latest global carmaker to sell assets in Russia since the start of the Ukraine conflict.
Hyundai said in December it planned to sell its Russian assets for 10,000 roubles (R2,100) and would take a 287bn won (R4,03bn) loss. Operations at its main plant were suspended in March 2022.
Art-Finance said Hyundai's assets, which include two production sites in St Petersburg, had become part of its AGR Group. The deal was completed on January 24 and received approval from the Russian government and federal anti-monopoly service.
Hyundai was not immediately available for comment.
Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed AGR Automotive. Art-Finance said the Hyundai plant would be renamed once all registration procedures were complete.
Russian firm completes deal to buy Hyundai's St Petersburg plants
Image: Adria Puig/Anadolu Agency via Getty Images
Russian company Art-Finance said on Friday it has finalised the purchase of Hyundai's plants in St Petersburg, making the South Korean firm the latest global carmaker to sell assets in Russia since the start of the Ukraine conflict.
Hyundai said in December it planned to sell its Russian assets for 10,000 roubles (R2,100) and would take a 287bn won (R4,03bn) loss. Operations at its main plant were suspended in March 2022.
Art-Finance said Hyundai's assets, which include two production sites in St Petersburg, had become part of its AGR Group. The deal was completed on January 24 and received approval from the Russian government and federal anti-monopoly service.
Hyundai was not immediately available for comment.
Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed AGR Automotive. Art-Finance said the Hyundai plant would be renamed once all registration procedures were complete.
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