STORY: Hyundai will take a large hit on promoting its plant in Russia.
The South Korean auto big mentioned Tuesday (December 19) it plans to surrender the power in St. Petersburg for $77.67.
Hyundai mentioned it might take a close to $219.2 million loss on the sale.
Tuesday’s transfer makes it the newest world automaker to promote Russian property since Moscow invaded Ukraine virtually two years in the past.
Operations have been suspended on the plant in March final 12 months.
Hyundai mentioned it was in search of to switch its property within the facility to Russia’s Artwork-Finance.
It additional acknowledged the deal features a buyback choice and plans to finish the sale by December 28.
Hyundai Motor is following the trail of another main carmakers.
Many bought their property in Russia for a nominal payment and included buyback choices that might someday enable them to return.
In Could, Germany’s Volkswagen bought its shares in its Russian property to Artwork-Finance, which is supported by the autodealer group Avilon.
At this time Information Prime Newsmaac
