SEOUL -- Hyundai Motor plans to exit Russia and sell its manufacturing plants there to a Kazakh company, South Korean media reported.
South Korean TV network MBC reported that negotiations to sell Hyundai's factories in Russia are in the final stage, adding that the automaker has been waiting for a final approval from the Russian government.
"It is true that there are ongoing discussions regarding the sale, but nothing has been decided," Hyundai said, according to the TV network.
In a statement to Reuters on Thursday, Hyundai said it was reviewing various scenarios for the future of its business in Russia, adding no decision had been made so far.
Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow invaded Ukraine last year.
Hyundai, together with affiliate Kia, is among the world's top 10 biggest automakers by sales and builds about 200,000 vehicles per year in Russia, about 4 percent of its global production capacity.
Along with Renault, Hyundai and Kia were among top three selling brands in Russia before the war. Now as global players have pulled out, Chinese brands are replacing them in Russia's war economy.