Clean Break: the company completely halting Russian engagements or exiting Russia
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Hyundai 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. An unnamed Russian company has agreed to purchase Hyundai’s production facility in St. Petersburg which has been lying dormant since early 2022. Hyundai: “No exit is planned yet. The Korean concern is trying to sell the factory, this is true, but all guarantee commitments on sold cars are met, service maintenance is provided. The Korean concern doesn’t have any concrete information about the fate of Russian assets.” The Russian company "Art-Finance" has completed the agreement on the purchase of all Russian assets of the South Korean manufacturer Hyundai. South Korean automaker Hyundai filed 18 trademark applications with Rospatent in August 2024. The company wants to protect the names HMC Hyundai, Hyundai Transys and trademarks related to the Genesis sub-brand. The Ministry of Industry and Trade has permitted parallel import of Kia and Hyundai spare parts. The South Korean automaker Hyundai Motor does not consider the possibility of resuming work in Russia. "There is currently no discussion on this," said a company representative. He called the appearance of media publications about the concern's intention to return to Russia "speculations that have nothing to do with reality." The interlocutor of the agency reminded that the company sold its plant in St. Petersburg, adding that he "has nothing more to say." The Korean automaker is making quick moves, signaling a re-entry with a two-year buyout option on its plant expiring in December and a desperate need to diversify its export portfolio amid U.S. President Donald Trump’s threat of 25 percent tariffs on cars. Hyundai Motor recently re-registered the “HYUNDAI” trademark with Rospatent, or Russia’s Federal Intellectual Property Service, about three years after the Russian plant shut down in March 2022. The Russian government legally revokes trademarks if they are not used for three years. It filed 17 applications related to the trademark for its Genesis cars and auto parts, filed August 2024.
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. By the end of 2023, Hyundai Motor will close its local plant, which once contributed to the automaker's high sales in Russia. By the end of 2023, Hyundai Motor will close its local plant, which once contributed to the automaker's high sales in Russia. South Korea's Hyundai Motor plans to sell its plant in Russia for a nominal 7,000 roubles ($77.67), making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a 287 billion won ($219.19 million) loss on selling the plant, in which operations have been suspended since March 2022. The Russian company Art-Finance, which owns the former Volkswagen plant in Russia, has closed a deal to acquire the Hyundai plant in St. Petersburg. Significantly decreased revenue in 2023 vs 2022. 15.01.2025: The entry about the founder of ART-FINANCE LLC has been removed from the Unified State Register of Legal Entities. AGR HOLDING LLC becomes the new founder of the organization HYUNDAI MOTOR MANUFACTURING RUS LLC. Hyundai is exploring a return to the Russian market amid expectations of a quick ceasefire in Ukraine after Trump-Putin talks.