MOSCOW, December 19 The subcommittee of the government commission for control of foreign investment in the Russian Federation approved the sale of the Hyundai plant in St. Petersburg to the Art company -Finance», its parameters are now being finalized, Deputy Prime Minister and Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov said in an interview.
«Hyundai Motor Company has decided to sell a stake in the St. Petersburg plant Hyundai Motor Manufacturing Rus to the Russian company Art-Finance LLC. The corresponding approval has also been received from the subcommittee of the government commission for control of foreign investment in the Russian Federation. Hyundai and LLC» Art-Finance» is clarifying the parameters of the transaction, including the buyback option. We expect that the decisions will be finalized in the near future,» the Deputy Prime Minister commented on the deal.
«At the same time, Hyundai Motor retains its obligations under the warranty and servicing of vehicles in operation on the territory of the Russian Federation,” he specified.
The board of directors of Hyundai Motor previously approved a plan to sell the Russian plant to Art-Finance. According to the Yonhap agency, given on Tuesday, the asset will be sold for a symbolic 10 thousand rubles with the possibility of repurchase within two years. According to the Unified State Register of Legal Entities, Art-Finance is 99.9% controlled by the former general director of the Avilon dealer, Andrey Pavlovich.
Hyundai Motor Company launched a plant in St. Petersburg in September 2010. The site produced Hyundai Solaris, Kia Rio, Kia Rio X-Line and Hyundai Creta crossover models with an annual capacity of more than 200,000 units. Assembly lines have been shut down since March 2022, Hyundai Motor said, due to difficulties with the supply of components due to international sanctions related to the crisis in Ukraine.