Zinger Key Points
- Hyundai Motor plans to sell its Russian plant stake for a symbolic amount, reportedly facing a $219.19 million loss.
- After divesting, Hyundai intends to maintain after-sales services for vehicle owners in Russia.
Hyundai Motor Co HYMTF plans to sell its entire stake in its plant in Russia to Art-Finance LLC.
The South Korean automaker is aiming to sell its plant for a token 7,000 roubles ($77.67), as per Reuters.
Hyundai Motor stated that it is currently making final arrangements with Art-Finance for details of the deal.
Also, the automaker disclosed a loss of 287 billion won ($219.19 million) on the sale of the plant, as per the report.
The operation of St. Petersburg-based HMMR has been suspended since March 2022.
Also Read: UAW Targets Honda, Hyundai, And Volkswagen Over Anti-Union Allegations
Post divestiture, Hyundai aims to continue to provide after-sales services and other customer care businesses to help vehicle owners in Russia.
Also Read: Amazon And Hyundai Enter Partnership, Enabling US Consumers To Buy Cars Online
Price Action: HYMTF shares closed lower by 2.82% at $41.30 on Monday.
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