Hyundai Motor’s St. The parameters of the transaction for the sale of shares in the St. Petersburg plant to the Russian company Art-Finance will be completed in the near future. Deputy Prime Minister of the Russian Federation and Head of the Ministry of Industry and Trade Denis Manturov said the following on the subject: transmits RIA News.
According to Manturov, approval of the transaction has already been received from the subcommittee of the government commission on control of foreign investments in the Russian Federation.
“The companies are clarifying the parameters of the deal, including the buyback option. We hope that decisions will be finalized in the near future. “Art-Finance, together with industrial partners, is already exploring the possibilities of an early restart of automobile production at this facility in St. Petersburg,” he said.
The head of the Ministry of Industry and Trade also added that Hyundai Motor maintains its obligations regarding warranty and service maintenance of vehicles in the Russian Federation.
The Hyundai plant has been in St. Petersburg since 2010. It operates in St. Petersburg. Its production capacity allows it to produce 200 thousand cars per year. The Hyundai Creta and Solaris, as well as the Kia Rio and Rio X-Line, were produced at the facility before production was halted in March 2022.
Previously “Avilon” rejected From the acquisition of the Russian Hyundai factory.