Hyundai plans to sell factory in Russia After the car has been discontinued since Mar.
Posted: Mon Oct 24, 2022 5:19 am
Reuters reported on Oct. 18 that South Korean automaker Hyundai was consideringSLOT XO options. After Hyundai discontinued production from the Russian factory in March last year. This could lead to the sale of a car factory in Russia. There are also company documents that say Hyundai was unable to sell a single car in the country in August and September.
In the past, many companies ceased production in Russia. and announcing temporary layoffs due to lack of high-tech tools This was caused by the sanctions of Russia by Western nations. and the gradual withdrawal of the company's production from the West in Russia After the war between Russia and Ukraine
According to South Korea's Dong-a Ilbo newspaper, Hyundai recently sent a report on its analysis of the future of Hyundai in Russia to the management team. It said conditions in Russia are now difficult to operate. Hyundai and its automaker Kia produce around 200,000 cars a year in Russia, representing 4% of global production.
Analysts at Samsung Securities and Korea Investment & Securities, a South Korean investment management firm, estimate that The two auto companies will face a combined loss of at least $315 million due to unfavorable business conditions in Russia this year. It is not yet clear what Hyundai will do with its own production plant in Russia. such as the financial situation of the company and the company's relationship with Russia and the United States.