Hyundai Will Sell its factory in this country in just USD 77, Company to bear Massive loss

South Korean automobile company Hyundai’s factory in Russia is going to be sold for a pittance. Due to the war between Russia and Ukraine for the last two years, many companies have had to close their business in Russia. Hyundai has also been included in the list of these companies. Its factory in Russia is being sold for a token amount of $77. Due to this, the company will have to bear a loss of $21.9 million.

According to a media report, Hyundai has informed about its plan to sell its factory in Russia in a regulatory filing. Work at this factory has been stopped since Russia’s attack on Ukraine. Hyundai wants to transfer the assets of this factory located in St. Petersburg, Russia to Art Finance, a local company associated with Automotive Services. Earlier, German automobile company Volkswagen had also sold its assets in Russia to Art Finance.

Hyundai and its subsidiaries before the war between Ukraine and Russia Kia It was among the top three car companies of Russia. After this war, many international automobile companies decided to close their business in Russia. After this, the automobile market of Russia has opened up for some local and Chinese car makers. The share of cars imported from China in this market has increased to about 49 percent. Chinese companies are also taking over those factories which were previously owned by international companies.

Hyundai is one of the biggest players in the Indian automobile market. Hyundai has announced to provide six airbags as standard in all its models in the country. Apart from this, the company will also provide other safety features like three-point seatbelt and seatbelt reminder in all variants. Electronic Stability Control (ESC) and Hill Start Assist Control (HAC) will be provided as standard in 10 out of Hyundai’s 13 models in all models and variants. The company has said that Advanced Driver Aids System (ADAS) will also be available in five of its models. Hyundai has also welcomed the Bharat NCAP crash test that started recently in the country. Company Initially, it has informed about including its three models for this test.