Hyundai in Russia

Hyundai is thinking about selling the Russian plant

While the company’s management is considering this option as one of the possible

South Korean automaker Hyundai is considering selling the Russian plant in St. Petersburg. Given that the Russian plant was sent to a standstill in March of this year, for the company this enterprise is now a financial burden. At the same time, the sale option is not the only one, but only one of them – in order to make the final decision, the management needs to thoroughly study the prospects and potential risks and losses from the sale of the St. Petersburg assembly plant.

According to the South Korean edition of Dong-a ilbo, a global plan with an analysis of the situation on the Russian market was provided by the company’s analysts. And they called the sale of the enterprise one of the possible development scenarios. However, the publication does not specify what kind of consequences await the company if a positive decision is made.

One of the main reasons why the company may decide to sell the plant is the reduction in car sales and financial losses. So, according to the publication, over the past two months the company has not sold a single car, although at the beginning of the year it sold 17 thousand. At the same time, the company still has to pay utility bills, taxes and salaries.

Earlier today it became known that the South Korean manufacturer had already begun the process of mothballing its plant in St. Petersburg. About one and a half thousand cars have already been taken out of the territory of the enterprise, which they did not have time to sell. At the same time, there is no talk of layoffs of employees yet – probably, information will appear closer to the end of the month.

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