Hyundai Motors in Russia: According to a news from ET Brand Equity, South Korean automobile company Hyundai Motor is preparing to exit by selling its production plant in Russia to a Kazakh company. The deal for the company’s factories in Russia is in its last stage. For which the company is waiting for approval from the Russian Government. Next, we are going to give detailed information about it.
The company said the situation is not clear, the idea is still going on
While giving information, according to the news, the company has told that the process of sale is going on but nothing is clear yet. Although Hyundai has stopped its work in Russia in March last year itself. After which the company was considering many aspects of it, including future plans regarding Russia. But no result could be reached.
impact of war with ukraine
Due to the war between Russia and Ukraine, there was a shortage of many high-tech parts used in making products, due to which many companies in Russia stopped their production.
These companies were on top in car sales
Hyundai Motor and Kia together are among the top 10 largest automakers in the world with production and sales of about 200,000 vehicles annually, which is about 4 percent of the world’s vehicles.
These three companies were on top in Russia before the war
On the other hand, in Russia before the war, Renault, Hyundai and Kia vehicles were included in the list of top three in terms of sales. Although now the exit of global companies is going on. At the same time, Chinese companies are engaged in taking their place.