The media announced Hyundai's inability to buy out the Russian plant

In the current situation, the South Korean concern Hyundai Motor Group cannot exercise the right to buy back its former plant in St. Petersburg due to the conflict in Ukraine. This was reported on December 29 by the Reuters news agency, citing sources.

"The current situation does not allow us to buy back shares," a source familiar with Hyundai's internal discussions is quoted as saying.

Hyundai, in response to a request from journalists, said that a final decision on the buyback option has not yet been made.

The Korean media reported in February that Hyundai Motor Concern may consider returning to the Russian market and may decide on this before the end of 2025. In September, it was reported that Hyundai Motor Group had begun reviewing its global strategy and had begun reviewing foreign assets, including reviewing a plan to buy back the Russian plant using an option that expires at the end of this year.

The former Hyundai concern plant in St. Petersburg, acquired by the Russian company Art Finance, was renamed the AGR Automobile Plant in early 2024. Since February of that year, the company has been producing Solaris brand cars, which are renamed Hyundai and Kia. The model range includes HC crossovers (Hyundai Creta), KRS sedan (Kia Rio), KRX cross hatchback (Kia Rio X) and HS sedan (Hyundai Solaris).

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Earlier, on December 26, it was reported that the Kaluga plant AGR Holding, which previously produced Volkswagen cars, has produced the 50-thousandth crossover of the Russian brand Tenet since the launch of the assembly line in July.

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