Hyundai Can't Buy Back Russian Factory Due to War

Hyundai, the South Korean automaker, is unable to buy back its former factory in Saint Petersburg, Russia due to the ongoing war in Ukraine. The factory, sold last year for a symbolic amount, had a two-year buyback option that expires in January. Operations at the site, which once produced over 200,000 vehicles annually, stopped in March 2022 due to Western sanctions. Hyundai, along with its partner Kia, pulled out after supply chains and payments were disrupted. Other foreign carmakers, including Mazda, Renault, Ford, Nissan, and Mercedes, also face challenges in reclaiming their factories, now mostly used to build Chinese cars under Russian names. The Russian car market, once dominated by European brands, is now struggling and dominated by Chinese brands. Hyundais decision to skip the deadline may result in losing the buyback option permanently or negotiating more time, but nothing is certain yet. Checkout Solipillow.comThe Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.