te Hyundai Motor to sell Russia plant for token sum, taking $219 million hit | Zee Business

Hyundai Motor to sell Russia plant for token sum, taking $219 million hit

The automaker said in a statement that it is currently making final arrangements with Russia's Art-Finance to agree a deal.

Hyundai Motor to sell Russia plant for token sum, taking $219 million hit
Hyundai Motor also said in a regulatory filing that it will take a 287 billion won. (Image credit: Reuters)

South Korean automaker Hyundai Motor plans to sell its plant in Russia for a token 7,000 roubles, a company official said on Tuesday.

Hyundai Motor 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 in a statement that it is currently making final arrangements with Russia's Art-Finance to agree a deal.

Reported By: Reuters
Updated: Tue, Dec 19, 2023
02:07 pm
New Delhi, Reuters

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