Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalHyundai Motors is a South Korean multinational automotive manufacturer. Hyundai operates the world's largest integrated automobile manufacturing facility in Ulsan, South Korea which has an annual production capacity of 1.6 million units.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalGlobal 500, is an annual ranking of the top 500 corporations worldwide
Global 500Top 100 largest companies in Russia by revenue
Top 100The company builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity. South Korea's Hyundai Motor Co plans to exit Russia and sell its manufacturing plants there to a Kazakh company. Later, Kazakhstan's Astana Motors says it has no plans to buy a Hyundai plant in Russia.
Initially, Hyundai Motor Manufacturing Russia have suspended until further notice due to ongoing global logistics issues with components delivery. South Korea's Hyundai Motor is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported. Hyundai, South Korea’s third-largest conglomerate, said it had not decided the future of its Saint Petersburg facility following a news report that negotiations to sell the plant were in the final stages. Transactions on the sale of Russian assets of Hyundai and Volkswagen are close to completion and are included in the agenda of the upcoming meetings of the Law Commission on Foreign Investments. The Russian government has reportedly rejected Hyundai Motor's application to sell off its Russian plant. As Toyota, Nissan, Renault, and Volkswagen have already said their goodbyes and left Russia, Hyundai has become the only global carmaker remaining there. With the possibility of a prolonged war looming, Hyundai is expected to seek a new exit strategy as it is difficult to sustain itself locally.