Hyundai Motor Company has decided to sell its factory in Russia, which has been idle since March last year due to the effects of the Russia-Ukraine war.
Hyundai held a temporary board meeting on the 19th and approved the sale of its stake in the plant located in Saint Petersburg, Russia (HMMR).
The disposal amount is 287.3 billion won (approximately $227 million), which is 0.32% of its equity capital (90.9 trillion won).
Hyundai explained, "With the continued inoperability of the Russian plant, we are proceeding with the sale, including a buyback condition based on Russian government approval."
The Russian factory has been shut down since March last year due to the impacts of the Russia-Ukraine conflict.
Hyundai is currently negotiating specific contract terms with the Russian local company, Art-Finance, for the sale of the plant's stake.
Considering the local situation in Russia, Hyundai plans to continue operating after-sales service (AS) for vehicles already sold.
[Korean reaction]
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This is a prime example of how risky it is to invest in communist countries.
It's impossible to have normal diplomatic relations with a dictatorship. The true face of the left-wing regime's giveaway diplomacy.
ㄴ How much money was made there, and you're still talking about giveaways?
ㄴ Yoon Seok-yeol giving away 130 trillion and then singing a song in the US, that's what you call a giveaway!
If it's a buyback condition, then that's alright.
Just a little more patience and there would be a ceasefire. Lacking endurance.
Selling that would mean the end of Russia's foundation..
Hyundai's downfall is due to the wrong diplomatic approach of Yoon Seok-yeol's political prosecutors.
Cutting ties with Russia is the answer!!
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