According to Russian media, a local company is set to purchase Hyundai Motor Co.’s St. Petersburg factory, which has been inactive since March 2022. The deal will include a two-year window for the South Korean automaker to reclaim the facility, as reported by TASS and RIA news agencies.
Industry and Trade Minister Denis Manturov stated during an industrial exhibition in Kazakhstan that all decisions regarding the acquisition of the plant have been finalized. He also noted that Hyundai was considering a buyback option, though it was limited to a two-year period.
The St. Petersburg plant, established in 2010, halted operations due to parts supply issues. It had the capacity to produce up to 200,000 units of the Hyundai Solaris, Hyundai Creta, Kia Rio, and Kia Rio X-Line models annually, as reported by TASS.
Hyundai previously stated that it was exploring multiple options with regards to the factory.