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

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Global 500, is an annual ranking of the top 500 corporations worldwide

Global 500

Top 100 largest companies in Russia by revenue

Top 100
Revenue(RF), mln.USD
2671
Assets(RF), mln.USD
2162
Capital(RF), mln.USD
1553
Glob.Revenue, mln.USD
110332
Staff(RF), 2021
4974
Taxes(RF), mln.USD
824

The 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.

The Company Statement
May 22, 2023

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.

September 14, 2023Hyundai Motor set to exit Russia with St. Petersburg plant sale to AGR
September 12, 2023Hyundai Motor's vehicle sales in Russia come to standstill
August 31, 2023With Losses Snowballing in Russia, Hyundai Motor May Lose Plant
May 02, 2023Kazakhstan's Astana Motors says it has no plans to buy a Hyundai plant in Russia
April 27, 2023Hyundai Motor to exit Russia, selling its plants, media reports say
April 05, 2023Hyundai and Volkswagen stood at the exit: the Government will consider transactions for the sale of their assets in the Russian Federation
March 10, 2023Hyundai reviewing Russia plant after reports of Kazakhstan sale
January 31, 2023Hyundai Motor Co. to Lay off Employees of Its Russian Plant
December 19, 2022Hyundai lays off staff after idling Russian plant since March
October 18, 2022Hyundai Motor is considering selling its Russia plant - media report
May 03, 2022Koreans circumvented sanctions: Hyundai and Kia will continue to work in Russia
March 04, 2022Hyundai Motor says unsure when Russian plant operations will resume
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