In the foreseeable future, Hyundai will probably leave the Russian market as well. The negotiations are in the final stage, the Kazakh investor is interested.
Since the outbreak of the conflict in Ukraine, several international producers have left the Russian market as a sign of disapproval of Russian aggression. This largely, due to the lack of components and raw materials, crippled the domestic industry. Understandably, even additional restrictions did not improve the situation.
Automakers were not left out of the deal either. Ford, Honda, Mercedes-Benz, Renault, Toyota, and the Stellantis group and many others do not work here. Although it is true that they have a “backdoor” of the contract here for a possible return, if the situation is resolved.
Now Hyundai Motor’s departure is imminent. The operation of the local plant had already been suspended last March. Since then, talks have taken place about new strategic plans. According to South Korea’s MBC television, the automaker is in talks with a Kazakhstan investor to sell the factories. Negotiations are said to be in the final stages and the Russian government is awaiting the conclusion of the transaction.
It is another blow to the Russian car industry, as the two South Korean brands will produce around 200,000 cars here, which is 4% of their global production capacity. Together with Renault, they created the three best-selling brands on the Russian market.