SEOUL -- Hyundai plans to sell its plant in Russia for a token 7,000 rubles ($77.67), a company official said, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine.
Hyundai also said in a regulatory filing that it will take a 287 billion won ($219.19 million) loss on selling the plant, which has suspended its operations since March 2022.
The automaker said it was seeking to transfer its assets in the plant in St. Petersburg to Russia's Art-Finance and include a buyback option in the deal.
Like other Western automakers, Hyundai suspended operations at its Russian operation after sanctions were imposed on the country following its invasion of Ukraine.
In May, Volkswagen sold its shares in its Russian assets to Art-Finance, which is supported by the autodealer group Avilon.
Hyundai and sister brand Kia were among the top three selling brands in Russia before the invasion. As global players have pulled out, Chinese brands are replacing them.
